Reliance Trading Co. Limited: Fears on the Covid19 continues to rise made Stocks hit two-week low

The resurgence of the pandemic is the main reason why stocks are drowning and the anxiety attached to it is halting the economies reopening progress. Texas even rolled back its reopening measures.

Local state government of Texas even asked bars and related establishments who have received more than 51% of their gross receipts from alcoholic beverages to shut down operations while restaurants are required to limit on-premise dining to less than 50% indoor capacity.

Aside from Texas, Florida is also set suspend establishment who consumes alcohol after receiving a report of almost 9,000 new coronavirus cases. Other states in America will also follow suits.

Below are the movements ‘Stock Market this Thursday;

Stocks
– The S&P 500 Index declined 2.4% to 3,009.02 four of the afternoon on New York time, the lowest in more than two weeks.
– The Dow Jones Industrial Average fell 730.05 points lower or 2.8% to 25,015.48, the lowest in a month on the biggest fall in more than two weeks.
– The Nasdaq Composite Index declined 2.6% to 9,757.22, which is the lowest in more than a week.
Treasury yields fell so hard after fears on the growing numbers of coronavirus cases strengthened. Another reason is the heighten number of jobless claims is giving investors anxiety which pushes them into safer bonds.

Bonds
– The yield on the benchmark 10-year Treasury note fell about 3 basis points to 0.663%.
– The yield on two-year Treasuries decreased two basis points to 0.17%, the lowest in more than two weeks on the largest dip in more than two weeks.
– The yield on the 30-year bond was 4 basis points lower at 1.406%.

Commodities
– West Texas Intermediate crude increased by 1.87% to $38.72 a barrel.
– Brent crude appreciates by 0.08% to $41.12 per barrel.
– Gold advanced a bit by 0.09% to $1,764.64 an ounce.

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