Wall Street Close: US benchmarks were mixed on COVID-19 sentiment
- The Dow Jones Industrial Average lost around 109 points, or 0.4%, to close near 24,222.
- S&P 500 managed a gain of less than a point to end near 2,930.
- The Nasdaq Composite climbed 71 points, or 0.8%, finishing near 9,192.
US benchmarks were mixed on Monday with nations around the world seeking to get their businesses back to work in the face of COVID-19 new cases lurking around the corner. Wall Street's investors mulled the hurdles to restarting the economy, knowing that it will be a long and drawn-out process.
Consequently, the Dow Jones Industrial Average ended a touch lower while a tech-led rally supported the S&P 500 and enabled the Nasdaq Composite to extend its winning streak to six sessions. The Dow Jones Industrial Average lost around 109 points, or 0.4%, to close near 24,222, while the S&P 500 managed a gain of less than a point to end near 2,930. The Nasdaq Composite climbed 71 points, or 0.8%, finishing near 9,192.
Meanwhile, it was a pretty lame start to the week with there only being Italy’s industrial production which fell 28.4% MoM in March as manufacturing activity fell 30.6% MoM:
Production of transport vehicles fell 60.1% m/m, machinery and equipment was down 39.5% MoM and textiles, clothing and leather fell 51.1% MoM. Italy is the second largest manufacturer in Europe after Germany. EU Commission forecasts expect that Italian GDP will contract by 9.5% this year. The collapse in output underlines the degree of fiscal stimulus required there as the lockdown eases,
– analysts at ANZ Bank explained.
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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.
