rainn.png
Thursday September 24th, 2020 11:20PM

Stocks open lower on Wall Street as virus cases spike

By The Associated Press
Related Articles
  Contact Editor

NEW YORK (AP) — Stocks are opening lower on Wall Street, following declines overseas after China reported a sharp spike in deaths and infections from a new virus after the hardest-hit province of Hubei applied a new classification system that broadens the scope of diagnoses. The increase came as a surprise for investors, who had become more at ease because of a recent decline in the daily number of new cases. The S&P 500 fell 9 points, or 0.3%, to 3,370. The Dow Jones Industrial Average fell 142 points, or 0.5%, to 29,417. The Nasdaq lost 47 points, or 0.5%, to 9,678. The yield on the 10-year Treasury held steady at 1.62%.

THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.

Global shares mostly fell Thursday after China reported a spike in COVID-19 cases. The shock resignation of Britain's Treasury chief further knocked U.K. share prices.

China reported 254 new deaths and an increase in virus cases of 15,152, after the hardest-hit province of Hubei applied a new classification system that broadens the scope of diagnoses for the outbreak, which has spread to more than 20 countries.

The rise came as a surprise for investors, who had become more at ease because of a recent decline in the daily number of new cases. Now questions are being asked about whether the rest of China is reporting the number of infections accurately.

Worries that the recent downtrend in the number of new cases may not be sustained weighed on investors who are worried about the economic impact of the outbreak.

“The new charts of infection rates look much more worrying, and have certainly dealt a blow to the narrative that things were beginning to improve, putting the gains of the past few days in doubt," said Chris Beauchamp, chief market analyst at IG.

“The market has moved from being up and down on trade war headlines to being up and down on coronavirus news, making life interesting for the short-term traders, but less so for longer-term investors."

In Europe, Germany's DAX was down 0.7% at 13,658 while the CAC-40 in France was 0.8% lower at 6.053. Wall Street was poised to open similarly lower with both Dow futures and the broader S&P 500 futures down 0.6%.

Britain's FTSE 100 index underperformed its European counterparts — dropping 1.6% to 7,416 after Sajid Javid, the country's Treasury chief unexpectedly quit on the day that Prime Minister Boris Johnson was reshaping his Conservative government.

His resignation shakes the government as it faces the challenges of negotiating a new relationship with the 27-nation European Union by the end of this year.

Earlier in Asia, In Asia, the Shanghai Composite closed 0.7% lower at 2,906.07. Hong Kong's Hang Seng slipped 0.3% to 27,730.00. Japan's Nikkei 225 closed 0.1% lower at 23,827.73, while Australia's S&P/ASX 200 gained 0.2% to 7,103.20. Shares were lower in Singapore, Thailand and India, while New Zealand and Taiwan rose.

Benchmark crude oil lost 16 cents to $51.01 a barrel while Brent crude oil, the international standard, lost 32 cents to $55.47 a barrel.

In the currency markets, the euro was flat at $1.0866 while the dollar fell 0.3% to 109.70 yen.

  • Associated Categories: Associated Press (AP), AP Business, AP Business - Economy, AP Business - Financial Markets
© Copyright 2020 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
US announces 15th virus case, this one in Texas evacuee
Another case of the new coronavirus infection has been confirmed in a U.S. evacuee from China, this one is in Texas
10:10AM ( 8 minutes ago )
Tesla offers $2B in additional shares, stock dips slightly
Shares of Tesla Inc. fell just over 1% in early trading Thursday after the electric vehicle and solar panel maker said it would sell more than $2 billion worth of additional shares
9:59AM ( 18 minutes ago )
UK Treasury chief quits as Johnson shakes up Cabinet
U.K. Treasury chief Sajid Javid unexpectedly has resigned after resisting a reduction in his power, as Prime Minister Boris Johnson tightened his grip on government with a Cabinet shake-up
9:54AM ( 23 minutes ago )
Associated Press (AP)
Tesla shares drop after automaker announces $2B stock sale
Shares of Tesla Inc. fell 4% in early trading Thursday after the electric vehicle and solar panel maker said it would sell more than $2 billion worth of additional shares
9:32AM ( 45 minutes ago )
Spanish court keeps former Mexican oil chief in detention
A Spanish court has ruled that a former head of Mexico's state oil company must remain in custody while an extradition case is heard against him
9:29AM ( 48 minutes ago )
Fear, boredom, adventure fill each day on quarantined ship
Daily life on the cruise ship quarantined off a Japanese port can include fear, excitement and soul-crushing boredom
9:22AM ( 55 minutes ago )
AP Business
401(k)s hit records as workers sock away more, stocks jump
Fidelity Investments says the average 401(k) balance rose to a record $112,300 last year
6:27AM ( 3 hours ago )
Global shares mostly lower as new China virus cases spike
Global shares are mostly lower as reported cases of the new virus jumped in China
5:52AM ( 4 hours ago )
Asian shares mostly lower as new China virus cases spike
Asian shares are mostly lower as reported cases of the new virus jumped in Chins
4:30AM ( 5 hours ago )
AP Business - Economy
World stocks rise on hopes virus disruption can be contained
Global shares are up on hopes that governments and central banks can help minimize the economic pain from the the outbreak of the new virus in China
7:39AM ( 1 day ago )
Global shares rise despite continuing virus fears
Global shares are rising although worries about the outbreak of a new virus in the region continue to weigh on investor sentiments
3:37AM ( 1 day ago )
Asian shares rise despite continuing virus fears
Asian shares are rising although worries about the outbreak of a new virus in the region continue to weigh on investor sentiments
2:32AM ( 1 day ago )
AP Business - Financial Markets
US announces 15th virus case, this one in Texas evacuee
Another case of the new coronavirus infection has been confirmed in a U.S. evacuee from China, this one is in Texas
10:10AM ( 8 minutes ago )
Tesla offers $2B in additional shares, stock dips slightly
Shares of Tesla Inc. fell just over 1% in early trading Thursday after the electric vehicle and solar panel maker said it would sell more than $2 billion worth of additional shares
9:59AM ( 18 minutes ago )
UK Treasury chief quits as Johnson shakes up Cabinet
U.K. Treasury chief Sajid Javid unexpectedly has resigned after resisting a reduction in his power, as Prime Minister Boris Johnson tightened his grip on government with a Cabinet shake-up
9:54AM ( 23 minutes ago )
McClatchy files for bankruptcy protection
The publisher of the Miami Herald, The Kansas City Star and dozens of other newspapers nationwide is filing for bankruptcy protection
9:44AM ( 33 minutes ago )
Smollett case revives questions on Laquan McDonald, justice
After a grand jury revived criminal charges against Jussie Smollett, his case and that of a teenager shot by Chicago police reopened arguments about the role of race and class in the justice system
9:34AM ( 44 minutes ago )