Dow closes almost 400 pts lower amid pandemic fears

Tuesday, 07. July 2020 22:00

The Dow Jones Industrial Average fell 396 points at the end of the trading day on Tuesday after United States Federal Reserve's Vice-Chair for Supervision Randal Quarles warned of coronavirus crisis-related challenges to the US financial system while San Francisco Fed President Mary Daly stated the coronavirus-induced economic damage is uncertain. Meanwhile, coronavirus fears increased at the World Health Organization (WHO) said the COVID-19 pandemic is yet to reach its peak.

The Dow ended 1.51% in the red as Boeing lost 4.81%. The Nasdaq 100 finished 0.75% lower after turning to gains at one point in the session. The tech-heavy index was led lower by Paychex which lost 4.94%. The S&P 500 declined by 1.08%, with TechnipFMC dropping 7.9%.

The euro lost 0.34% to go for 1.12713 against the dollar at 4:02 pm ET.

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Breaking the News / VP