Dow Reverses From Its Highs as Coronavirus Flare-Up Batters Oil Prices, Crypto Coins News
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Bulls and bears collided on Monday, as the Dow Jones reversed from its highs to secure a point rally.
ISM manufacturing impressed, helping lift the Dow early, but economists are concerned this will be a temporary peak.
A slide in crude oil is weighing on the stock market.
The Dow Jones came under pressure late in the session on Monday as dip-buyers ran into rejuvenated bears.
A plunging oil price suggests fears over global growth continue to rage amid the coronavirus outbreak in China.
While stocks rallied after an impressive ISM manufacturing number, the real test will be next month when more of the epidemic’s impact has filtered through.
Dow Jones Slips While Oil Price Plunges
Among the major U.S. stock market indices, the Nasdaq was comfortably the top performer with a 1.3% rally that was
fueled by another incredible rally in Tesla .
The Dow Jones Industrial Average brought up the rear with a gain of (points or 0.) % that lifted the index to , 725. .
The S&P was a little higher than the Dow with a 0. 95% move.
The Dow’s rally on Monday faded as a struggling oil price, coronavirus fears, and Bernie Sanders threatened the stock market. | Source: Yahoo Finance
Precious metals also took a hit. The price of gold slid 0.4%, while silver was down a dramatic 1. 180% because the coronavirus is expected to pummel Chinese consumption.
Stock Market Surges After ISM Manufacturing Impresses
It was clear that an impressive ISM Manufacturing PMI figure (
9) helped catalyze today’s rally in the dow jones. Investors took it as evidence that the decline of trade war fears has begun to lift to this struggling sector.
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