The US Stock Markets Closed on Tuesday With Losses

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The U.S. stock markets closed on Tuesday with losses. Wall Street had an erratic session, in which investors continue to be concerned about the further spread of the new coronavirus.

 

The financial markets also looked at better-than-expected figures for the Chinese industry, which showed unexpected growth.

The Dow-Jones index ended 1.8 percent lower at 21,917.16 points. In the first quarter as a whole, the leading indicator dropped about 23 percent, the worst quarterly result since 1987. The S&P fell 1.6 percent to 2,584.59 points on Tuesday, and technology grade meter Nasdaq lost 1 percent at 7,700.10 points. Earlier in the day, European stock exchanges traded with profits.

Activity in the sizeable Chinese industry picked up considerably in March after the sector had shrunk the most muscular contraction ever in February due to the corona crisis. This is good news because the world’s second economy appears to be cautiously recovering from the severe blow to the virus outbreak.

There were also disappointing macroeconomic figures from the U.S. itself. U.S. consumer confidence in the economy declined less in March than most economists had anticipated.

Cruise provider Carnival won nearly 3 percent after a substantial opening loss. Carnival expects to suffer damage from the cruise industry slump due to the corona crisis and to scrap dividends and share buybacks. Besides, the company issues billions of new shares and bonds.

Harder measures were announced by oil service provider Schlumberger (plus 1.6 percent) who cut his salaries at the top, among other things.

The American retail chain JC Penney (minus 1.8 percent) also reported that the majority of its 90,000 employees would be put on the street for the time being. Many retail chains in the U.S. temporarily send their staff home to cut costs.

There was also other news. Paint producer Axalta (minus 4.4 percent) has decided after extensive research to continue on its own.

The euro was worth $ 1.1019, against $ 1.1002 at the close of European stock markets earlier today. A barrel of American oil cost 1.1 percent more at $ 20.32. Brent oil was 0.1 percent cheaper at $ 22.74 a barrel.

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