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Author Topic: The Dow closed down 357.28 because investors worried about Covid-19.  (Read 838 times)

Voyante

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The Dow Jones New York Stock Exchange closed down last night (28 Feb), falling for the seventh consecutive day and the weekly decline since the global financial crisis in 2008 as investors continued to sell. Stocks came out of growing anxiety that The rapid spread of the new species of corona virus (Covid-19) may drag the global economy into recession. And affecting the global supply chain

The Dow Jones Industrial Average closed at 25,409.36 points, down 357.28 points or -1.39% and the S & P500 index closed at 2,954.22 points, down 24.54 points or -0.82%. Nasdaq index closed at 8,567.37 points, up 0.89 points or + 0.01%.

This week The Dow Jones Industrial Average fell 12.4 percent, the S&P500 index slipped 11.5 percent, and the Nasdaq index dropped 10.5 percent. The Dow Jones and Nasdaq index plunged to the worst percentage this week since October. 2008

Investors poured out shares to buy US government bonds, which are safe assets. As a result, the 10-year bond yields fell to a record low for the 4th time this week.

Investors are worried about the escalating outbreak of Covid-19. By on friday The first reported cases of infection in 6 countries have resulted in the World Health Organization (WHO) raising the risk warning of a global epidemic of Covid-19. To a very high level

"The WHO has now increased the assessment of the risk of an epidemic around the world," said Dr. Tidros Adhanan Kiprijesus, director of the WHO. And the risk of the effects of the Covid-19 virus To a very high level "

Financial stocks, Utilities, Real estate groups And necessary consumer goods groups Fall today The negative market shares such as Boeing shares fell 4.53% and JP Morgan Chase shares fell 4.40%.

For US economic data disclosed last night. University of Michigan survey results indicate that The US consumer confidence index rebounded to 100 in February after touching 99.8 in January.

US Department of Commerce revealed that US consumer spending rose 0.2 percent in January, but lower than analysts expected 0.3 percent after a 0.4 percent increase in December, while personal income rose 0.6 percent. In January, after an increase of 0.1% in December

In addition, the US Department of Commerce revealed that The personal expenditure price index (PCE) rose 0.1% in January on a monthly basis. After increasing 0.3% in December and year-on-year, the PCE index increased by 1.7% in January, the highest increase since December 2018. After increasing by 1.5% in December



 

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