In a volatile expected day, the main three indices from Wall street already operate in negative ground, after investor optimism about the agreement reached on the stimulus package evaporated.
Fifty minutes after the start of operations on the New York Stock Exchange, the Dow Jones was down 0.6 percent, or 123 points, standing at 20,603 integers, after it rose a little more than 3 percent driven by Boeing that shot up 19 percent.
The Dow Jones and other indicators have had serious losses as a result of the coronavirus. Photo: .
The selective S&P 500 fell 1.53 percent to 2,409 points and the Nasdaq composite market index, which brings together major technology companies, was down 1.7 percent to 7,291 units.
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Investors have been eager to see the government commit to continue helping the economy as the growing coronavirus pandemic has closed factories, sent students home from universities, and invested the travels of millions of Americans.
The pending legislation is likely to include direct financial controls on many Americans, as well as business loans, which will reassure those concerned about the economic consequences of the pandemic.
Obviously it’s a very significant package, unprecedented in peacetime, “said Andrew Hunter, a US economist at Capital Economics.
But Hunter said the move would not be enough to prevent output from sharply contracting in the second quarter. “We have seen important parts of the economy shut down, and there is nothing the Fed or fiscal stimulus can do to change that,” he said.
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