Wall Street and Europe: a new low

Wall Street and Europe: a new low

The U.S. stock market fell the most since 1987 in early trading on Monday. Traders don’t seem to be convinced by the emergency measures taken Sunday by the Federal Reserve, which cut the interest rates close to zero and signaled $700 Billion in asset purchases to keep financial markets floating.


It also said that it would extend the availability of Dollars internationally through swap facilities with other central banks.

In early trading, USA30 was down 12%, USA500 was down 10.7%, and TECH100 was down 11.5%. But not only the major indices took a punch, but Oil also took a hit with the price falling below $30 per barrel.

Airline stocks were also hit: DeltaAir and American Airlines fell around 7% after the Trump administration expanded restrictions on arrival from Europe to include the key routes serving London and Dublin.

Apple stock fell 13% after the company said it would shut all its stores outside China.

In Europe, things don't look so good either. The number of Italian COVID-19 cases surged. Germany announced that it will partially close its borders; France closed its cafes and restaurants, and the Netherlands ordered its weed-selling coffee shops to shut.

The major European indexes were hammered, Germany30 falling 5.90%, France40 falling 7.16%, and UK100 falling 6.25%.

H&M, the Swedish retail chain, said its Chinese sales went from rising 27% through Jan. 23 to ending the Feb. 29 quarter with a 24% decline.

LVMH, the luxury goods giant, said it would start making hand sanitizer for French hospitals for free.



Sources: investing.com. marketwatch.com

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