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Home / Business / The Dow fell 485 points; the virus surge prompts fear of lock-in Investing.com

The Dow fell 485 points; the virus surge prompts fear of lock-in Investing.com



© Reuters

Peter Nurse

Investing.com-US stocks opened sharply lower on Wednesday, weighed down by concerns about further lock-in due to a surge in coronavirus cases, while the earnings season continues.

At 6:20 am Eastern Time (1120 GMT), trading was 46 points or 1.4% lower, and the contract fell 485 points or 1.8%, while down 121 points or 1.1%.

The index has fallen by nearly 3% this week, giving up all the gains in October, while the Hwa Index is at a three-week low.

According to the Covid-1

9 report, the second wave of Covid-19 pandemic has severely hit the northern hemisphere. Daily infection levels in many European countries have reached record highs, while in the United States, nearly five million people have contracted the virus in the past seven days. Reuters tally.

This has led to growing concerns that new lock-in measures will be reintroduced, and European countries are on the verge of implementation, which may stifle the nascent economic recovery.

In France, President Emmanuel Macron will give a televised speech later on Wednesday. According to local reports, the French government has begun exploring a new national blockade from midnight on Thursday. German Chancellor Angela Merkel will meet with the state chancellor to discuss the closure of restaurants and bars, while the Belgian government will convene a meeting on Friday to decide on possible new national lockdown measures. Spain has declared a state of emergency for six months.

Just before that, President Donald Trump admitted on Tuesday that a coronavirus economic rescue agreement will not be reached before the November 3 election because the two sides cannot bridge the differences in the size and scope of the package.

The earnings season on Wednesday continued to be crazy, United Parcel Services (New York Stock Exchange:), General Electric (NYSE:), Mastercard (NYSE:) and Boeing (NYSE:) report before closing, Ford (NYSE:), eBay (NASDAQ) And Lundsivir producer Gilead Sciences (Nasdaq Stock Exchange).

After Microsoft’s (NASDAQ:) healthy third-quarter results, due to the growth of its cloud computing business, and with the help of the CEOs of Facebook (NASDAQ:), Alphabet (NASDAQ:) and Twitter (NYSE:), the technology industry It will also become the focus of attention. It is expected to testify before the Senate Commerce Committee.

Oil prices plummeted on Wednesday because of the surge in US crude oil inventories and the potential damage to demand from the sharp increase in the Covid-19 case, exacerbating concerns about oversupply.

Investors are now waiting for data to be released later in the day, and the arrival of Hurricane Zeta, which is expected to make landfall in Louisiana later on Wednesday, will also be the focus of attention.

Crude oil futures fell 4% to US$38.00 per barrel, and international benchmark crude oil futures fell 3.2% to US$40.30.

Elsewhere, it fell 1% to US$1,892.75 per ounce, and fell 0.5% to 1.1739.




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