US stocks fell sharply Wednesday, with the New York Stock Exchange indices diving into negative territory just one day after both the Dow Jones Industrial Average and S&P 500 indices recorded their worst first-quarter performances ever.
The Dow’s fall was largely fueled by shares of Boeing, American Express and United Technologies falling more than 5%, whereas the S&P 500 was pulled away from the green by the real estate, financial and energy sectors.
Although various companies saw their stocks devalued, other organizations could not say the same. CNBC reported that retail company Kroger saw its stocks rise by 4.6% after declaring that its forthcoming revenue and earnings for the previous quarter would exceed expectations. Likewise, fellow retailer Dollar General and telecommunications provider T-Mobile saw stock values increase by 3.9% and 2.5%, respectively.
Oil prices, meanwhile, have largely continued their decline, with Brent crude experiencing a 3.80% loss. However, the West Texas Intermediate crude managed to stay in green territory with a 2.64% gain Wednesday.
“There’s still tremendous uncertainty,” Patrick Kaser, portfolio manager at Brandywine Global, told CNBC. “We can look at history as a guidepost for the market and the economy, but there’s not a perfect scenario.”
White House Models Predict COVID-19 May Kill Up to 240,000 Americans
Wednesday’s closing figures come just one day after it was revealed at a Tuesday White House briefing by the Coronavirus Task Force that the deadly respiratory disease could claim between 100,000 and 240,000 American lives – even with mitigation measures in effect.
Graphic provided during March 31, 2020, White House briefing by the coronavirus task force notes that between 100,000 to 240,000 American lives could be claimed by COVID-19 even as US states implement preventative measures.
“We’re slowly peering through the fog and trying to see how bad things will become, but essentially we are flying blind,” Peter Dixon, a senior economist at Commerzbank, told the Wall Street Journal.
At present, the US is leading the world in confirmed COVID-19 cases as more than 200,000 people have tested positive, according to data collected by John Hopkins University. COVID-19 has killed over 4,000 Americans.
Sourse: sputniknews.com
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