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Wall Street also firmly down again

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Published on February 25, 2020 7:44 PM |
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NEW YORK (AFN) – The US stock exchanges fell sharply during Tuesday afternoon trading in New York. Just as among European investors, sentiment on Wall Street has fallen sharply. The further spread of the corona virus keeps the financial markets under control.

The Dow-Jones index was 2.1 percent lower at 27.30 hours (Dutch time) at 27.373 points. The broad S&P 500 fell 1.9 percent to 3163 points and technology level meter Nasdaq dropped 1.8 percent to 9058 points.

Several large stock exchange funds published updates on the financial consequences of the epidemic. For example, credit card company Mastercard (minus 5.3 percent) lowered its expectations about revenue growth this quarter, as the corona virus puts a brake on international travel and related purchases. Airline United Airlines (minus 6.4 percent) let go of its profit target because of the plummeted demand for tickets for flights to Asia. And JPMorgan announced restrictions for travel of its staff in Italy. Their shares fell to almost 3 percent.

Macy’s

Online travel agency Expedia (minus 3.3 percent) is in the spotlight for another reason. The parent company of Trivago, among others, will cut around 3000 jobs. Home Depot also published figures for the fourth quarter. The DIY chain reported an increase in comparable sales and won nearly 1 percent. Department store chain Macy’s outperformed average earnings expectations on Wall Street in the last quarter of 2019, helped by strong sales around the festive season. However, the outlook was not increased. The share fell by more than 5 percent.

Pharmaceutical Mallinckrodt made a price jump of more than 16 percent. The company has reached a settlement with US prosecutors in an investigation into involvement with the opiate crisis in the US. The company also applied for bankruptcy protection for its generic drug component.

The euro was worth $ 1.0875 against $ 1.0877 a day earlier. A barrel of American oil cost 2.6 percent less than $ 50.13. Brent oil was 2.1 percent cheaper at $ 55.11 per barrel.

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Source link
https://www.iex.nl/Nieuws/ANP-250220-286/Ook-Wall-Street-weer-stevig-omlaag.aspx

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