Elite Capital International: Stock Market continues downturn apparent for the next few weeks
The first quarter of the year had been hard as a rock for stock market, globally. The first three months of the market has been volatile and it keeps on fluctuating every single day.
Three major stocks in the U.S. market felt another crash on Wednesday, April 1, 2020 as the second quarter of this year enters gloomily. Investors continue to grapple with the fallout cause by the coronavirus pandemic, which result to another downtrend of event for the U.S. market.
Dow Jones Industrial Average, S&P 500 and Nasdaq were all nearly end the trading day by 4.4% lower. The Stoxx Europe 600 Index decreased 2.9%, while MSCI Asia Pacific Index fell 2%.
• The Dow dove by 1,014.73 points or 4.63% to 20,02.43
• The S&P 500 is down by 4.87% to 2,458.83
• The Nasdaq slump by 4.8% to 7,330.86
Currencies are also down by .02 - .07% except Japan yen which gain 0.4% or 107.07 per dollar.
As for commodities like oil, Western Texas Intermediate (WTI) rose a bit around 2.2% or $20.93 per barrel while Brent Crude gained almost 3% or $24.74 per barrel… a possible $10 per barrel fall is forecast. Gold on the other hand jump up by 0.3% to $1,601 per ounce.
The $2 Trillion fiscal stimulus package that U.S. government expedites did help the stock market a bit, but according to technical analysts they do see on charts is a worse scenario that better for the next few weeks.
Global companies is set to see weeks of closure due to the coronavirus prevailing spread, more business will suffer and more people are expected to lose their jobs… so there will be a possible economic recession till this pandemic is cleared.
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Elite Capital International Limited