Shares Slide, Dollar Up As Hopes of Economic Recovery Fade

New York, An index of stocks across the globe fell today, on Thursday and the dollar rose for a fifth session running on lingering concern about another economic hit from the coronavirus pandemic, Reuters reported.
Data showed a surprise increase in the number of Americans filing new claims for unemployment benefits, reinforcing the view that the economic recovery is in peril.
Adding to those concerns, the Federal Reserve this week has talked up the importance of a fiscal stimulus in the United States. But political focus has shifted toward the Nov. 3 presidential election and a Supreme Court nomination, which make it harder for Congress to agree on a stimulus package.
“The cloud of uncertainties continues to grow,” said Peter Cardillo, chief market economist at Spartan Capital Securities in New York.
“The coronavirus is now back on the front pages and the market is now really fearing the uncertainties of the elections. As we get closer to the end of the month, the downward trend is intensifying.”
The Dow Jones Industrial Average fell 70.55 points, or 0.26%, to 26,692.58, the S&P 500 lost 1.7 points, or 0.05%, to 3,235.22 and the Nasdaq Composite added 23.91 points, or 0.22%, to 10,656.90.
The pan-European STOXX 600 index lost 1.15% and MSCI’s gauge of stocks across the globe shed 0.68%.


Source: Saudi Press Agency

Written by