Dow drops over 400 points after dismal US weekly jobless data

23:13, May 14, 2020

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  Dow drops over 500 points as market sell-off accelerates

  (Photo: Xinhua)NEW YORK, May 13 (Xinhua) -- U.S. stocks fell sharply on Wednesday as market sell-off deepened amid concerns over uncertainties from the COVID-19 pandemic.At midday, the Dow Jones Industrial Average plunged 540.42 points, or 2.27 percent, to 23,224.36. The S&P 500 slid 59.44 points, or 2.07 percent, to 2,810.68. The Nasdaq Composite Index slipped 184.31 points, or 2.05 percent, to 8,818.24.All the 11 primary S&P 500 sectors sank, with energy down 4.66 around midday, leading the losses among the groups.The moves came after Federal Reserve Chairman Jerome Powells downbeat comments on the economy.Powell said on Wednesday that the U.S. central bank will take further steps to combat the severe economic fallout from the COVID-19 pandemic."While the economic response has been both timely and appropriately large, it may not be the final chapter, given that the path ahead is both highly uncertain and subject to significant downside risks," Powell said in a webcast event with the Peterson Institute for International Economics (PIIE).As of midday Wednesday, more than 1.37 million confirmed COVID-19 cases have been reported in the United States, with over 82,500 deaths, according to the Center for Systems Science and Engineering at Johns Hopkins University.U.S. stocks closed lower on Tuesday with the Dow down more than 450 points.

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  Dow soars over 900 points amid hopes for coronavirus vaccine

  (Photo: Xinhua)NEW YORK, May 18 (Xinhua) -- U.S. stocks surged on Monday as investors eyed some encouraging news about a potential coronavirus vaccine.The Dow Jones Industrial Average spiked 911.95 points, or 3.85 percent, to 24,597.37. The S&P 500 rose 90.21 points, or 3.15 percent, to 2,953.91. The Nasdaq Composite Index increased 220.27 points, or 2.44 percent, to 9,234.83.All the 11 primary S&P 500 sectors ended higher, with energy and industrials up 7.55 percent and 6.61 percent, respectively, outpacing the rest.Shares of Moderna jumped nearly 20 percent after the U.S. biotech company announced positive interim clinical data for a potential coronavirus vaccine.Wall Street also paid close attention to the latest comments from Federal Reserve Chairman Jerome Powell.The U.S. economy will recover from the COVID-19 pandemic, but the process could stretch through until the end of 2021, Powell said."Assuming theres not a second wave of the coronavirus, I think youll see the economy recover steadily through the second half of this year," Powell said in an excerpt of an interview that aired Sunday morning on CBSs "Face the Nation."As of Monday afternoon, more than 1.5 million confirmed COVID-19 cases have been reported in the United States, with over 90,000 deaths, according to the Center for Systems Science and Engineering at Johns Hopkins University.

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  S&P 500, Dow drop as financial sector declines counter tech gains

  File photo: AgenciesThe S&P 500 and the Dow fell on Wednesday as declines in financials and defensive groups countered gains in tech shares and as data showed U.S. private employerslaid off 20 million workersin April, underscoring the economic fallout of the coronavirus outbreak.The tech-heavy Nasdaq ended higher, although indexes pulled back late in the session especially after U.S. President Donald Trump said China may or may not keep a trade deal between the two countries.Financials and other cyclical groups, which often outperform when the economic outlook improves, declined. Only two of the 11 major S&P sectors were positive, with tech leading.Stocks have rebounded sharply since late March from the coronavirus-fueled sell-off, helped by massive monetary and fiscal stimulus."We are dealing with a very fragile rally," said Michael Purves, chief executive officer at Tallbacken Capital Advisors. "Selling into the close doesnt make you feel good."The Dow Jones Industrial Average fell 218.45 points, or 0.91 percent, to 23,664.64, the S&P 500 lost 20.02 points, or 0.70 percent, to 2,848.42 and the Nasdaq Composite added 45.27 points, or 0.51 percent, to 8,854.39.U.S. private employers laid off a record 20.236 million workers in April as mandatory business closures in response to the novel coronavirus outbreak savaged the economy.The U.S. Labor Departments more comprehensive report for April is due on Friday."Its one thing to talk about big job losses... but to see it all in one spot, I think that has been some reason for pause," said Willie Delwiche, investment strategist at Baird in Milwaukee.Investors are now watching efforts by a number of states to spark their economies by easing restrictions put in place to fight the outbreak."States can declare themselves open all they want. If people arent comfortable going out of their houses, then theyre not going to do anything," Delwich...