US stocks resume downward trend over COVID-19 pandemic
US stocks have resumed their downward trend as the COVID-19 pandemic is wreaking havoc on the global economy.
Wall Street's main indexes slumped at the open on Wednesday as growing signs of coronavirus damage to corporate America overshadowed optimism about sweeping official moves to protect the economy.
The Dow Jones Industrial Average fell 1,048.69 points, or 4.94%, at the open to 20,188.69, while the S&P 500 opened lower by 92.69 points, or 3.66%, at 2,436.50. The Nasdaq Composite dropped 432.47 points, or 5.90%, to 6,902.32 at the opening bell.
Market analysts say the slump marks the investors’ lack of optimism about the positive impacts of a potentially massive US government stimulus.
The declines follow sharp tumbles in Europe where equity indexes in London, Frankfurt and Paris plunged around five percent.
Governments in the US and Europe have taken measures such as shutting restaurants and schools, as well as asking people to stay home to contain the pandemic. However, investors are concerned that the crisis could snowball into something bigger than a recession, including a credit crisis, or even a depression.
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