Wall Street Close: A mixed session as markets start to return scanning for COVID-19 risks
- The Dow Jones Industrial Average lost 329 points, or 1.4%, to end near 23,391.
- S&P 500 lost 1% to end around 2,762.
- The Nasdaq Composite added 0.5% to close at 8,192.
US benchmarks were coming off their lows on Monday's session while investors weighed the prospects of the US economy getting a kick start with US President Donald Trump's eagerness to get the population back to work.
The Dow Jones Industrial Average lost 329 points, or 1.4%, to end near 23,391 while the S&P 500 lost 1% to end around 2,762. The Nasdaq Composite added 0.5% to close at 8,192. Overall, it was a directionless day with European and Asian markets out for Easter celebrations on Monday, while investors tried to weigh the prospects of global growth returning in a V-shaped recovery should the curve indeed be starting to flatten in developed nations such as Europeans, the UK, Australasia and the US.
At the same time, the OPEC+ accord is a positive for risk-appetite in the long run, although the production cut is seen as too little too late for oil prices. More on that here and here, WTI: OPEC+ has not done enough and Trump knows it.
"With the world having just experienced its second-warmest March ever, it’s true that’s a lot fewer carbon emissions, but it’s a pretty brutal way to get there. And a USD23 oil price won’t do anything to encourage alternative energy development,"
– analysts at TD Securities argued.
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Author
Ross J Burland
FXStreet
Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.
