The major Wall Street stock indexes capped their worst week since March on Friday as a tech sell-off, the surge in COVID-19 cases in the United States and Europe, and growing concern over the outcome of the U.S. election. Tuesday haunted investors ahead of Halloween.The Dow Jones Industrial Average closed more than 157.51 points or 0.59% lower at 26,501.60.
The S&P 500 – a gauge of the health of U.S. reports on retirement and college savings – closed down 1.21%, while the high tech Nasdaq Composite Index finished 2.45% in the Red.
Investors have been at their wit’s end all week as coronavirus cases have risen in the United States and Europe, and uncertainty increased over the results of next week’s US presidential election.
As President Donald Trump follows his Democratic challenger Joe Biden in national polls, the race in key battlefield states, where the election will likely be determined, is narrowing.
Voters line up for a campaign event to hear Jill Biden’s last minute arguments in Westland, Michigan, United States [File: Emily Elconin/Reuters]
Markets were buoyant on Thursday after the US Bureau of Economic Analysis reported economic growth rebounded at a record pace in the third quarter.
“IF I AM ELECTED, NEXT YEAR WILL BE THE BEST OF OUR ELECTION! President Trump wrote on Twitter, bragging about the “BEST STORY OF THE UNITED STATES,” gross domestic product growth of 33.1% in the last quarter.
But the markets didn’t stay high on this data for long.
The tech titans announced their highly anticipated quarterly earnings after the closing bell Thursday and Friday morning, all but parent company Google Alphabet were in the red.
Apple shares closed 5.6% after posting the largest decline in quarterly iPhone sales in two years.
Amazon.com shares fell 5.44% after the tech titan forecast higher costs related to the coronavirus.
Facebook closed 6.3% after warning of a difficult year ahead.
Twitter’s action closed down 21.12% after the site said it registered fewer users than expected and warned that the U.S. election could affect ad revenue.
Against the downtrend in tech, Alphabet shares ended Friday’s session up 3.81% after beating its quarterly sales forecast as companies resumed advertising after a collapse in the market. COVID-19.
On the oil and gas front, ExxonMobil posted a third-quarter net loss of $ 680 million, or 15 cents per share, compared with profit of $ 3.17 billion, or 75 cents per share, a year more early. He also said he would cut its global workforce by 15%.
ExxonMobil shares closed down 1.06%.
Oil and gas production has been plundered by the coronavirus pandemic as lockouts and stay-at-home orders wiped out demand for energy.
But Chevron posted a surprise profit in the third quarter, as oil prices rebounded from record lows in early 2020 and spending cuts cushioning the results. America’s second-largest oil producer reported profits of $ 201 million, or 11 cents per share, still down from the previous year.
Chevron shares ended up 1.01 percent.