NEW YORK, June 12 ― Wall Street plummeted yesterday as investors reacted to renewed fears of a pandemic resurgence and digested dour economic forecasts from the US Federal Reserve. All three major US stock indexes lost well over 5 per cent, posting their worst one-day percentage drops since March...
Friday, 12 Jun 2020 07:31 AM MYT
All three major US stock indexes lost well over 5 per cent, posting their worst one-day percentage drops since March 16, when markets were sent into freefall by the abrupt economic lockdowns put in place to contain the pandemic. The Nasdaq snapped a three-day streak of record closing highs. Deaths of Americans from Covid-19 could reach 200,000 in September, a grim result of the United States' economic re-opening before getting growth of new cases down to a controllable level, according to a leading health expert.
Economic data appeared to back up the Fed's gloomy economic projections, with jobless claims still more than double their peak during the Great Recession and continuing claims at an astoundingly high 20.9 million. The Dow Jones Industrial Average fell 1,861.82 points, or 6.9 per cent, to 25,128.17, the S&P 500 lost 188.04 points, or 5.89 per cent, to 3,002.1 and the Nasdaq Composite dropped 527.62 points, or 5.27 per cent, to 9,492.73.
Boeing Co was the heaviest weight on the Dow, shedding 16.4 per cent after its top supplier Spirit AeroSystems Holdings Inc announced a 21-day layoff for staff doing production and support work for Boeing's 737 programme.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Layoffs top 44 million in US as virus resurgence hits Wall Street | The Malaysian InsightAnalysts warn of continuing damage to world's largest economy as Covid-19 shows few signs of abating.
Read more »
Street art star unveils Paris mural to George Floyd, Adama Traore | Malay MailPARIS, June 10 — A huge mural by French street art star JR was unveiled in Paris yesterday paying tribute to George Floyd and Adama Traore, a young black man who died in police custody in France. Traore's death four years ago has become the focus of renewed protests across France over claims of...
Read more »
IATA: Airline industry headed for US$84b loss this year | Malay MailPARIS, June 9 — The coronavirus crisis will lead the airline industry into record annual losses of US$84 billion (RM359 billion) as 2020 goes down as the “worst year in the history of aviation”, the sector’s main global body predicted today. Airline passenger traffic is expected to rise 55...
Read more »
France to see 800,000 job losses in coming months, says minister | Malay MailPARIS, June 10 — France is likely to suffer 800,000 job losses in coming months, the finance minister warned today, as the economy reels from the effects of a lockdown imposed to contain the coronavirus pandemic. “Our evaluation is that 800,000 jobs will be lost in the coming months, or 2.8 per...
Read more »
Espanyol the biggest name at stake in crowded La Liga relegation battle | Malay MailBARCELONA, June 10 ― As many as 10 La Liga sides will be fighting for their top-flight futures when the season restarts this week after a long pause due to the Covid-19 pandemic, with league mainstays Espanyol facing the biggest threat of relegation. The Barcelona side have been in the top-flight...
Read more »
Virus crisis pushes Spain’s Inditex into Q1 loss | Malay MailMADRID, June 10 — Spain’s Inditex, which owns the Zara fashion chain, reported today a first quarter loss of 409 million euros as the coronavirus crisis devastated sales. Sales for the January to March period nearly halved, to €3.3 billion (RM16 billion) from €5.9 billion a year earlier, it...
Read more »