The Daily Times Newspaper

The Stock Markets in New York Opened Significantly Lower on Monday

21,667

The stock markets in New York opened significantly lower on Monday. The fear of a new wave of corona infections is making itself felt.

 

As a result, investors’ hopes for a rapid end to the virus outbreak and economic recovery from the corona crisis will be crushed.

The Dow-Jones index was 2.5 percent lower after a few minutes of trading, reaching 24,975 points. The broad-based S&P 500 lost 2 percent to 2,980 points, and tech exchange Nasdaq went down 1.4 percent to 9,456 points.

Investors are alarmed by a resurgence of corona infections in several US states and the Chinese capital, Beijing.

Businesses prone to restrictions to combat the outbreak lost out, such as airlines like Delta Air Lines and American Airlines, which fell by 7 percent. Cruise companies like Carnival and Norwegian Cruise Line fell to over 7 percent.

Financial funds like Bank of America and Citigroup fell to 3.8 percent. Oil companies like ExxonMobil and Chevron lost nearly 4 percent.

They are under pressure because of the fall in oil prices. Canadian e-commerce company Shopify, listed on Wall Street, rose 5.7 percent, thanks to a partnership deal with supermarket giant Walmart.

Leave A Reply