Dow falls 150 points on reopening doubts, but big tech stocks are strong
You are missing trading opportunities:
- Free trading apps
- Over 8,000 signals for copying
- Economic news for exploring financial markets
Registration
Log in
You agree to website policy and terms of use
If you do not have an account, please register
Dow falls 150 points on reopening doubts, but big tech stocks are strong
Stocks fell on Monday, giving back some of last week’s solid gains, amid jitters about reopening the economy too soon.
The Dow Jones Industrial Average traded 150 points lower, or 0.6%. The S&P 500 dropped 0.3%. The Nasdaq Composite recovered its earlier losses, trading 0.4% higher as Amazon, Netflix, Alphabet and Apple all rose.
“I think this part of the bounce was easy to forecast, I think what happens from here again depends a lot on Covid stuff,” said Paul Tudor Jones, founder of Tudor Investment Corp., on CNBC’s “Squawk Box.” “There’ll be a shift in focus from liquidity issues somewhere down the line to solvency issues. If we don’t find a vaccine or a cure, if we don’t find a much better way of testing at scale ... then I think the market’s going to have a much more difficult time.”
The S&P 500 gained more than 1% on Thursday and Friday, leading to the broader-market average’s first weekly advance in three weeks. The broader market index rallied 3.5% last week. On Friday, investors shrugged off the biggest one-month job losses on record as expectations of an economic reopening outweighed the negative data.
The S&P 500 has rallied more than 33% since hitting an intraday low on March 23. That surge has been led largely by mega-cap tech stocks such as Facebook, Amazon, Apple, Netflix, Google-parent Alphabet and Microsoft. Those stocks have all soared more than 20% since late March.
more..