Stocks dropped today with every major index finishing over 2% lower. This was due to a recent spike in new coronavirus cases in multiple states. In economic news, the IMF slashed its 2020 global economic outlook and sees a sluggish rebound in 2021.
Dow Jones -709 at 25,446
S&P 500 -81 at 3,050
NASDAQ -222 at 9,909
The 10 Year Treasury closed down 3 basis points yielding 0.68%
Oil prices closed down $2.52 ending at $37.84 a barrel
Gold prices closed down $7 ending at $1,775 an ounce
The days’ stock news:
- Shares of Carnival dropped 11% after having its debt rating cut to “junk” by Standard & Poor’s, which is forecasting continued weak demand for the cruise industry due to the pandemic.
- Dell Technologies is exploring options for its $50 billion stake in the cloud computing company VMWare. The options include selling the stake or buying the portion of VMWare that it does not already own.
- Morgan Stanley shares declined 2% despite receiving an upgrade at D.A. Davidson, which cited several factors including attractive valuation and lower credit risk compared to its peers.