🤓 Just 1 week into 2025: These 7 AI-picked stocks are up 9%+ eachUnlock Stocks

Stocks - Wall Street Slides as New York Covid-19 Infections Top 75K

Published 03/31/2020, 12:32 PM
Updated 03/31/2020, 02:48 PM
© Reuters.

© Reuters.

US500
0.16%
DJI
0.25%
IXIC
-0.06%

By Yasin Ebrahim 

Investing.com – Wall Street was lower Tuesday, as investors continued to monitor a jump in Covid-19 infections in New York state, the epicenter of the outbreak in the U.S.

The Dow fell 0.67%, or 149 points, but was up about 152 points at session at the highs of the day. The S&P 500 slipped 0.54% and the Nasdaq Composite fell 0.17%.

In New York state, coronavirus infections jumped 14% overnight to 75,795, with Gov. Andrew Cuomo conceded that the virus is more dangerous than expected.

"I’m tired of being behind this virus. We’ve been behind this virus from day one," Cuomo said. "We underestimated this virus. It’s more powerful, it’s more dangerous than we expected."

The U.S. reported nearly 11,000 new cases since Monday, taking the total to about 174,000, with about 3,400 dead so far.

The pace of infections nationwide has led some on Wall Street to roll out even more dire forecasts about an impending recession.

Goldman Sachs now expects real U.S. gross domestic product to shrink 9% in the first quarter and 34% in the second three months of the year, compared with a previous forecast for falls of 6% and 24% respectively. The investment bank said, however, it expected gradual recovery in output to get underway in May or June.

Defensive corners of the market like real estate and utilities led the market lower as investors positioned their portfolio for the quarter-end.

Energy, however, proved an exception to the decline, rising 1.51%, though had been up more than 3% earlier, on growing hopes Saudi Arabia and Russia may call a truce on their price war in an effort to stabilize the market.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads.

Growing investor hopes the U.S. is set to roll out further coronavirus stimulus to follow up its recent $2.2 trillion deal, the largest in U.S. history, kept a lid on losses.

Which stock should you buy in your very next trade?

With valuations skyrocketing in 2024, many investors are uneasy putting more money into stocks. Unsure where to invest next? Get access to our proven portfolios and discover high-potential opportunities.

In 2024 alone, ProPicks AI identified 2 stocks that surged over 150%, 4 additional stocks that leaped over 30%, and 3 more that climbed over 25%. That's an impressive track record.

With portfolios tailored for Dow stocks, S&P stocks, Tech stocks, and Mid Cap stocks, you can explore various wealth-building strategies.

Unlock ProPicks AI

Latest comments

franklin neversoyApr 01, 2020, 02:36
Tomorrow markets gonna be ughly from the start circuit breakers will pop minutes after opening
franklin neversoyApr 01, 2020, 02:33
They are just thinking about everybody using masks we are the most hygienic poor nation we don’t follow instructions from anybody 🤮
Show all comments
Loading next article…
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2025 - Fusion Media Limited. All Rights Reserved.