Affected by a series of bad news such as the worsening of Coronavirus Pandemic in the United States and the breakdown of fiscal stimulus negotiations in the past week, Wall Street stocks hit their worst week since March this year.
On the 30th, the Dow Jones Industrial Average closed at 2,6501.6 points, and continued to fall 157.51 points, or 0.6%; the S&P 500 and Nasdaq fell 1.2% and 2.5%, respectively.
Judging from the overall performance this week, the Dow Jones Index and the Standard & Poor’s 500 Index fell 6.5% and 5.6% respectively, setting the biggest weekly loss since March. Nasdaq lost more than 5% during this period, and it also had its worst weekly performance since March.
Coronavirus Pandemic, stimulus bills and elections
According to data from Johns Hopkins University in the United States, the total number of new coronary pneumonia cases in the United States has exceeded 9 million, and this week it set a record for the highest number of confirmed cases in a single day.
Wall Street analysts pointed out that although large-scale policy stimulus, positive medical progress and high expectations for economic recovery have provided impetus to US stocks, the new acceleration of Coronavirus Pandemic infection may lead to more and more new economic restrictions, triggering investors Anxiety caused the stock market to fall.
In addition, since the Senate of Congress will adjourn until November 9, it is almost impossible to reach a new fiscal stimulus plan before the US presidential election next Tuesday. But US stock investors previously predicted that the Democratic and Republican parties would reach an agreement before the election, which also triggered market volatility.
Finally, because the United States will hold a presidential election next week, investors are also worried that the election results will affect their investment, so some investors choose to sell this week.
Weak company performance
Technology companies are also weak. On the same day, affected by the 20% decline in iPhone sales in the quarterly report, the technology giant Apple’s stock price fell 5.6% that day, and Amazon also fell 5.5%. After social media Twitter reported that user growth was lower than expected, it fell 21%, while Facebook also fell 6.3% due to the decline in active users in the United States and Canada.
However, after Google’s parent company Alphabet announced that it exceeded Wall Street’s expectations, its stock price rose 3.8% against the trend.
