August 13, 2022

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Virus fear led to a significant decline among the three leading indices on Wall Street

Virus fear led to a significant decline among the three leading indices on Wall Street

Fears of new closures and restrictions, which will put a damper on the economy, dragged the stock market down on Monday.

Leading US indices fell from the start – and the decline continued throughout the evening. The indices rebounded somewhat towards the end of the stock market day.

This is how Wall Street’s three major indexes ended on Monday:

  • The Standard & Poor’s 500 Index fell 1.12 percent
  • The Nasdaq Composite Index fell 1.41 percent.
  • The Dow Jones index fell 1.36 percent.

During opening hours, the S&P 500 broad stock market index was down 1.33 percent on Monday afternoon Norwegian time. Moreover, the tech Nasdaq Composite is down 1.6 percent since the start. Stock market heavyweight Dow Jones opened 1.4 percent lower from the start.

All three stock market indices ended the last week lower. Stock markets fell 0.9 percent on Friday.

It is noteworthy that the increase in omicron infections in large parts of Europe and Asia and concerns about interest rate changes characterize the market, at the same time with high rates of inflation in the market. Moreover, there is uncertainty about whether Biden’s stimulus package will pass through Congress.

In particular, fears of closures and restrictions that will put a damper on the economy sowed fears in financial markets on Monday.

At most, the S&P 500 fell 1.82 percent, the Nasdaq Composite fell 1.93 percent, and the Dow Jones fell 1.86 percent.

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The price of oil also fell above 4 percent on Monday.

Just before Monday’s closing time, it was reported that President Joe Biden was not planning a lockdown in the United States to stem the increase in infections. (Conditions)Copyright Dagens Næringsliv AS and/or our suppliers. We would like you to share our cases using a link that leads directly to our pages. All or part of the Content may not be copied or otherwise used with written permission or as permitted by law. For additional terms look here.