Wall Street Close: Losing traction as negative sentiment weighs in
- Dow Jones Industrial Average lost a hefty 631.56 points, or 2.7%, at 23,018.
- while the S&P 500 index dropped 86.60 points, or 3.1%, to close at 2,736.56.
- The Nasdaq Composite Index fell 297.50 points, or 3.5%, to end at 8,263.23.
US benchmarks were lower again on Tuesday following a drop in commodities instigated by the mood in the oil market that comes as a stark reminder to investors of what the road-map is looking like for the foreseeable future. Stocks are at their lowest levels in a number of weeks and threatening an extension of a fresh downside impulse as sentiment deteriorates regardless of whether nations are planning to ease social distancing measures.
On the other side of the risk-on/risk-of spread, the reports of progress that Congress has reached a deal to provide $450 billion of additional funding to US small businesses hurt by the coronavirus pandemic was unable to shift the mood and the benchmarks all closed sharply lower.
Performances on Wall Street
The Dow Jones Industrial Average lost a hefty 631.56 points, or 2.7%, at 23,018 while the S&P 500 index dropped 86.60 points, or 3.1%, to close at 2,736.56 and within inches of a key support level. Both the indexes ended at their lowest marks since April 7th. The Nasdaq Composite Index was also ending lower by a large margin, -297.50 points, or 3.5%, to end at 8,263.23. This was the indexes lowest closing price since April 13.
As for US data, the sales of Existing Houses in the US slowed by 8.5% in March while the median house prices remained firm. However, contracts for these purchases were completed before the shutdown occurred.
DJIA levels