· Stocks close lower after roller-coaster session, Dow gives up 900-point surge
Stocks closed lower on Tuesday, giving up a massive rally from earlier in the day, as Wall Street assessed the latest news on the coronavirus outbreak.
The Dow Jones Industrial Average closed 26.13 points lower, or 0.1%, at 22,653.86. The 30-stock average rose as much as 937.25 points, or 4.1%, at its session high. The S&P 500 ended the day 0.2% lower at 2,659.41 after jumping more than 3%. The Nasdaq Composite fell 0.3% to 7,887.26 following a 3% rally. Tuesday’s roll-over follows a massive rally in the previous session, in which the Dow had its third-biggest point gain on record.
Some investors believed stock prices were getting ahead of the reality where coronavirus shutdowns are likely to weigh on the economy significantly beyond the second quarter. The major averages have rallied about 20% from their March 23 lows.
· Stock futures decline after volatile session for markets
U.S. stock futures were lower in overnight trading and pointed to losses at the open on Wednesday, continuing a volatile week for stocks gripped by the coronavirus shutdown.
Dow futures dropped 236 points, implying a Wednesday opening decline of about 289 points. S&P 500 and Nasdaq futures also pointed to lower opens.
· European shares close 1.7% higher on tentative hopes the coronavirus may have peaked; Cineworld soars 50%
European markets closed higher Tuesday as investors hoped that the region could be seeing a plateau in the coronavirus outbreak.
The pan-European Stoxx 600 closed up 1.7%, with travel and leisure stocks surging 6.2% to lead gains, as all major bourses finished in positive territory.
Markets in Europe were also reacting to news overnight that U.K. Prime Minister Boris Johnson had been moved to intensive care as his coronavirus symptoms worsened. Foreign Secretary Dominic Raab is temporarily taking over the prime minister’s duties while Johnson is hospitalized.
· Asia Pacific markets mixed as countries regionally continue to battle pandemic
Stocks in Asia Pacific were mixed Wednesday morning as countries in the region continued to put measures in place to battle the coronavirus pandemic.
Stocks in Australia led losses among the region’s major markets, with the S&P/ASX 200 declining 1.28% as shares of major banks such as Commonwealth Bank of Australia and Westpac fell more than 2% each.
In Japan, the Nikkei 225 was fractionally lower in morning trade while the Topix index was 0.15% higher. Over in South Korea, the Kospi shed 0.4% while the Kosdaq index rose 0.16%.
Overall, the MSCI Asia ex-Japan index traded 0.35% lower.
Developments on the global coronavirus pandemic likely continue to be the focus of investors, with stricter social distancing measures being implemented by countries regionally in recent days to curb the disease’s spread.
Reference: CNBC, Reuters
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