Stocks pared losses in afternoon trading Monday, as a rise in shares of big technology companies helped offset declines in industries that were battered by …
Stocks pared losses in afternoon trading Monday, as a rise in shares of big technology companies helped offset declines in industries that were battered by the coronavirus pandemic including airlines, retailers and cruise liners.
The Dow Jones industrial average dropped 100 points, cutting losses after tumbling more than 600 points shortly after the opening bell. Stocks came under pressure in early trading after a rise in virus cases in the U. S. and China dampened investors’ optimism for a global economic recovery.
The technology-heavy Nasdaq Composite turned higher, helped by mild gains in highflying shares like Facebook and Netflix.
The Standard & Poor’s 500 dipped 0.4%, after finishing its worst week in nearly three months on Friday to snap a three-week winning streak. Airline, retail and cruise liners were among the biggest decliners, beaten-down stocks that had rebounded in May on hopes that the economy was recovering. American Airlines, Delta and United each lost at least 4% apiece. Retailers Macy’s and Kohl’s dropped 3.5%. Shares of Carnival dropped 6%.
Stocks are turning wobbly as investors re-evaluate their expectations for economic growth. Benchmarks fell in Paris, London, Tokyo and Shanghai after China reported new local infections in Beijing and reimposed precautions to prevent it from spreading.
