The major Wall Street indices fell in opening on Monday as concerns over the pace of economic recovery weighed on energy and banking stocks at the start of a week, which should … The Federal Reserve decides on a possible stimulus cut associated with the pandemic.
Major indices widened losses with Nasdaq in drop of 2.5% and the S&P 500 in 2% drop.
Earlier in the session, the Dow Jones Industrial Average fell 125.16 points, or 0.36%, to 34,459.72 points.
The Standard & Poor’s 500 index opened, in down 30.04 points, or 0.68%, to 4402.95 points, and the Nasdaq Composite Index fell 285.83 points, or 1.90%, to 14,758.14 points.
The new European DAX 40 index, on its first day of trading, fell by 2%, to reflect European fears about the phase of uncertainty left by the developments of the Corona pandemic, in addition to pressures from the high cost of fuel and gas.
Crystol Energy CEO Carol Nakhle said Europe is experiencing high gas prices, the highest in 10 years, despite the fact that the cold season has not yet entered.
He pointed out that current prices exceed the levels of the severe cold of March 2018, for several reasons, including expectations of a very cold winter, and political reasons related to Russian gas inventories, indicators that the markets will recover soon. in in addition to the current economic dimensions of the Corona mutations and the ambiguity of the prospects for economic growth.
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