US stocks closed lower

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Economie

Al Ain newsletter Agencies
Traders trading on Wall Street - Reuters

Traders trading on Wall Street – Reuters

US stock losses worsened on Monday, with the rapidly spreading Corona virus forced more states into a public shutdown, overshadowing unprecedented steps by the Federal Reserve to shore up credit in various sectors of the economy.

And Wall Street’s main stock indices closed sharply lower, despite strong steps from the Federal Reserve (US central bank) to boost credit in light of the continued rapid spread of the Corona virus pandemic.

The Dow Jones Industrial Average ended the trading session, dropping 582.05 points, or 3%, to 1,859.93 points.

The Standard & Poor’s 500 Index dropped 67.52 points, or 2.9%, to 2237.4 points.

The Nasdaq Technology Composite Index fell 0.3% to 6860.67 points.

On Monday, the US Federal Reserve launched a number of exceptional new programs aimed at mitigating the impact of the “severe disruptions” of the economy due to the outbreak of the Corona virus, after lawmakers in Washington failed to pass stimulus measures, on Sunday.

The US central bank offered support programs for an unprecedented assortment of loans intended for individuals, small businesses, and large employers.

On Monday, US President Donald Trump announced a medical emergency in states affected by the outbreak of the new Corona virus, “Covid 19”.

And the largest 3 cities in the United States, New York, Los Angeles, and Chicago are no longer active, as nearly a hundred million people have isolated themselves in their homes.





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