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  3. US markets end mostly lower on Wednesday

US markets end mostly lower on Wednesday

18 Jun 2020 Evaluate

The US markets ended mostly lower on Wednesday as coronavirus concerns dragged indexes lower. Arizona, Florida, Oklahoma, Oregon and Texas all saw record increases in new cases on Tuesday, while hospitalizations in Texas, Nevada and Florida hit records. Fed Chair Powell’s testimony underscored that Hispanics, African Americans and women have been hit particularly hard by the pandemic, since they are more likely to have low-wage service sector jobs dealing with the public, during day two of his Congressional testimony. Powell also said some form of unemployment insurance should continue past the expiration date of July 31, and defended the central bank’s more than $2 trillion slate of emergency funding to keep credit flowing during the pandemic.

On the economic data front, new residential construction in the US showed a notable rebound in the month of May, according to a report released by the Commerce Department, although housing starts still came in well below economist estimates. The report said housing starts jumped by 4.3 percent to an annual rate of 974,000 in May after plummeting by 26.4 percent to a revised rate of 934,000 in April. Street had expected housing starts to soar by 22.9 percent to a rate of 1.095 million from the 891,000 originally reported for the previous month. New construction of multi-family homes led the rebound in housing starts, surging up by 15.0 percent to a rate of 299,000 in May following a 33.2 percent nosedive to a rate of 260,000 in April.

Dow Jones Industrial Average fell 170.37 points or 0.65 percent to 26,119.61 and S&P 500 was down by 11.25 points or 0.36 percent to 3,113.49, while Nasdaq gained 14.66 points or 0.15 percent 9,910.53. 

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