Before we get started, here is a little primer about the market indices:
DOW: The Dow Jones Industrial Average (DJIA) is a stock market index that tracks the daily prices of shares of 30 large publicly-owned companies that are sold on the US stock exchanges.
S&P 500: The S&P 500 or Standard & Poor’s 500 Index is an index of the 500 largest U.S. publicly traded companies. Each companies’ percentage in the index is by its market capitalization (Share price multiplied by the total number of shares outstanding). This index is considered as the best gauge of the large-cap U.S. equities.
NASDAQ: THE NASDAQ Composite Index measures the changes in more than 3,000 stocks traded on the NASDAQ. This index contains a large percentage of technology companies.
The S&P 500 index (SPX) slipped by a negative 2.86% this week and the Dow Jones Industrial Average (DJIA) slipped by negative 3.31%. NASDAQ was down by 1.90%.
Oil price decreased slightly to $38.44 per barrel.
Gold price closed higher at $1,772.50 per ounce and looking to break the $1800 price barrier.
A lot of jitters were felt in the market due to the growing concerns of the increase in the Corona virus cases and some of the states (Texas included) hit a pause on the next phase of reopening, even portraying concerns that if the situation does not improve, the businesses may have to be shut down again.
President Trump said he is open to another round of stimulus checks of $1200 each and termed it would be generous. This week, 1.48 million more Americans applied for Unemployment benefits.