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Thom Miller
Sep 29, 2020 11:50PM ET
Bennie is a pansy man
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Dow Off Lows but Remains in Red as Weakness in Energy Halts Bulls
Published Sep 29, 2020 01:11PM ET
Updated Sep 29, 2020 02:57PM ET
© Reuters.
By Yasin Ebrahim
Investing.com – The Dow moved off session lows Tuesday, but weakness in energy and financials weighed on investor sentiment amid concerns over an increase in coronavirus cases.
The Dow Jones Industrial Average fell 0.18%, or 48 points. The S&P 500 was down 0.13%, while the Nasdaq Composite added 0.02%.
The energy sector felt pressure from a fall in prices as concerns over oil demand resurfaced amid signs the spread of Covid-19 is picking up pace around the country, including in previous hotspots such as New York.
New York Governor Andrew Cuomo said his state is seeing an uptick in its Covid-19 positivity rate. While New York City’s Mayor Bill de Blasio said Tuesday the positive Covid-19 test rate topped 3% "for the first time in months."
Financials, mostly banks, which had led the broader market's strong opening this week, gave up gains from a day earlier as investors assess the degree to which rising virus cases will affect the economic recovery.
Morgan Stanley (NYSE:MS), Citigroup (NYSE:C) and Bank of America (NYSE:BAC) fell more than 1%.
Airlines were also among the biggest losers of the day so far, amid growing doubt that Congress will reach an agreement on the proposed $2.4 trillion stimulus package that includes unemployment benefits, direct payments to households and small business loans, as well as aid for airlines.
United Airlines (NASDAQ:UAL) and American Airlines (NASDAQ:AAL) sank more than 3%, while Delta Air Lines (NYSE:DAL), slipped 2%.
Tech, including Apple (NASDAQ:AAPL) and Microsoft (NASDAQ:MSFT) Alphabet (NASDAQ:GOOGL) Amazon.com (NASDAQ:AMZN) and Facebook (NASDAQ:FB), which together make up a quarter weighting of the S&P 500, traded mixed.
On the economic front, data showed the consumer remained resilient last month even as the unemployment checks included in the previous coronavirus aid packaged had ended.
The consumer confidence index rose to 101.8 in September from 84.8 in August, topping consensus for a reading of 90.
"An increase in confidence this month was expected [...] but the magnitude of the increase is a surprise, Jefferies (NYSE:JEF) said in a note. "Whether because of President Trump's executive action to reinstate part of those benefits or because of the fundamental strength of the recovery, consumer attitudes improved sharply this month.
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Comments (9)
Thom Miller
Sep 29, 2020 2:51PM ET
Look at Eddie go......Fox News is now reporting that instead of a debate, Biden is going to take Donny behind the woodshed and smack him around for 90 minutes. Chris Wallace has agreed to hold Donny’s $70,000 toupe for the duration.
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Ben gunnell
Sep 29, 2020 2:51PM ET
Get off the glass bong.
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eddie glass
Sep 29, 2020 2:38PM ET
democrats: "it's okay that bide makes speeches and gets paid millions from foreign entities"... that is likesaying that if trump gave a speech in russia and was paid $1,000,000 by the russian government then it would not be a big deal and just trump giving a speech? that is what you are defending people like clinton, obama, biden doing. they have all taken in millions from foreign entities while in office for "speeches"
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eddie glass
Sep 29, 2020 2:30PM ET
pelosi, biden, obama, clinton all have 8-9 figure net worth as career-politicians earning only 5-6 figure salaries while in office. that concerns me more than a businessman using the tax laws that people like biden created to minimize their tax liabilities... like every american does. trump has already addressed this in 2016.
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eddie glass
Sep 29, 2020 2:27PM ET
people are bragging that biden owed $3 million dollars in tax? are any democrats going to ask where biden got that many millions of dollars from? how about asking how biden, pelosi, clinton, obama made 8-9 figures while getting paid only 6 figures. how about how bidens son got over $50 million salary from a corrupt saudi oil firm. democrats trying to say trump should have paid more tax than was required of him is mor.onic. same argument that lost dems 2016.
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eddie glass
Sep 29, 2020 2:26PM ET
so biden was in congress for nearly 50 years (or 180 per his recollection), and he developed the tax codes that trump had used for decades.... and the current dem strategy is to talk about tax again (like they did in 2016) and try to say oran.ge man bad for using the tax codes that biden developed? this is like when they tried to impeach him fora crime biden committed. let's see biden and his son's tax to see how many millions of dollars they took from corrupt foreign power while biden was in office...
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Carlos Sousa
Sep 29, 2020 2:22PM ET
There is no second wave. Dexamethazon & Remdesivir
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eddie glass
Sep 29, 2020 2:22PM ET
there are only second waves in places that locked down. countries that did not lock down are doing fine. look at sweeden.
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Matius Marvn
Sep 29, 2020 1:42PM ET
lol lol where ?? , BULLISH , finish the play
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eddie glass
Sep 29, 2020 1:41PM ET
if there are "virus jitters" then when is dollar down?
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