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US Stocks Fall Again Amid Economic Fears

Channels Television  
Updated September 24, 2020
Traders work on the floor of the New York Stock Exchange (NYSE) on January 03, 2019 in New York City. As a decline in Apple product sales in China continues to depress global markets, the Dow Jones Industrial Average fell over 200 points in morning trading. Spencer Platt/Getty Images/AFP
SPENCER PLATT / GETTY IMAGES NORTH AMERICA / AFP

 

Wall Street stocks fell early Thursday, extending a pullback from the prior session on worries about economic weakness in the wake of the coronavirus.

About 15 minutes into trading, the Dow Jones Industrial Average was down 0.7 percent to 26,589.86.

The broad-based S&P 500 shed 0.6 percent to 3,216.90, while the tech-rich Nasdaq Composite Index shed 0.7 percent to 10,560.68.

US jobless claims last week rose slightly to 870,000 as the world’s biggest economy continues to face headwinds following the upheaval of the coronavirus pandemic.

Thursday’s early losses extended the downward trend from Wednesday when stocks retreated on disappointment at the lack of new fiscal stimulus in the United States and worries over the reinstatement of some coronavirus restrictions in parts of France and Britain.

On Wednesday, “there was a palpable sense of uncertainty about the economy, the election, China, the coronavirus and the behaviour of the mega-cap stocks,” said Briefing.com analyst Patrick O’Hare.

“The selling… will keep going this morning, as this market seems to be trading on the momentum factor than anything else, only this time the momentum is cutting to the downside.”

AFP