What is the highest Dow was
Biggest loss of points in the history of the Dow Jones
The world's most important share index collapses by a remarkable 7.78 percent due to the coronavirus epidemic and the oil price crash. Shares in the US energy sector suffered historic falls.
Black Monday on the stock exchanges: The fear of the economic effects of the Corona crisis and a crash in the oil price caused share prices to drop drastically at the beginning of the week. The German share index Dax suffered the highest daily loss since September 11, 2001 at 7.94 percent. The ATX in Vienna lost 9 percent - that is the second highest loss in history. On the London Stock Exchange, the FTSE-100 index lost more than seven percent. The Paris index CAC of the 40 largest companies fell by more than eight percent - the highest daily loss since 2008. In Milan, the minus at the close of the stock market was more than eleven percent; in Madrid the losses were just under eight percent.
In New York, too, things went steeply downhill. Trading on Wall Street was even temporarily suspended. The Dow Jones Industrial Index broke a record high in 2013.76 points or 7.79 percent to 23,851.02 units and thus completed its weakest trading day in percentage terms since 2008. In addition, this was its largest loss of points in history, reported the financial information service CNBC. The world's most famous stock market index slipped to its lowest level since January 2019. The S&P 500 index dropped a remarkable 225.81 points or 7.60 percent to 2,746.56 points. The Nasdaq Composite Index fell 624.94 units, or 7.29 percent, to 7,950.68 points.
In addition to the consequences of the coronavirus for the global economy, a drop in oil prices was an additional burden. After failed negotiations by leading oil states to reduce production, the oil market experienced the steepest price slump in almost 30 years. The negotiating partners of the oil cartel OPEC and states allied with it could not agree on a new agreement. Saudi Arabia now wants to increase oil production. "A price war among producers is now encountering weak oil demand," wrote asset manager DWS in a market commentary.
As a result, shares in the US energy sector suffered historic falls. The stocks of industry giants such as Occidental Petroleum, Schlumberger and Halliburton have plunged between 27.4 and more than 50 percent to lows for many years. The stocks of ExxonMobil and Chevron, which are included in the leading index Dow, lost 12.2 and 15.4 percent, respectively. ConocoPhillips sagged nearly 25 percent.
Black Monday at the oil market
A commodities expert spoke of a "black Monday on the oil market". With the announcement of higher production volumes and lower prices, Saudi Arabia opened a new price war for market share. The oil market is threatened with a massive oversupply in the second quarter, especially since demand is likely to remain severely impaired for some time due to the Covid-19 pandemic.
Bank stocks also suffered above-average losses. Among the heavyweights in the Dow, JPMorgan slumped 13.7 percent and Goldman Sachs slumped 10.4 percent. Stock marketers justified this on the one hand with the upheavals in the financial markets, which are affecting the US financial industry. In addition, an analyst pointed out that US banks had issued large loans to the oil industry - with now sharply increasing risks.
With a view to the Covid-19 virus, economic data from China bear witness to the economic consequences: In the country of the outbreak, where the novel corona virus has paralyzed public life for weeks, exports in January and February plummeted compared to the same months of the previous year. According to some sources, the US government is working on an aid package for the US economy to cushion the economic impact.
Russia's stock exchanges crash
The international stock market crash was caught up on Tuesday in early trading on the Russian stock market. Because trade in Moscow was closed the day before due to a public holiday, it was only now able to understand the massive global price losses due to the virus crisis and the crash on the oil markets.
At the beginning, the leading index RTSI lost 9.5 percent, recently it slipped further and lost 12.7 percent. At 1,098.40 points, it fell to a low since the beginning of 2019. Massive losses in oil and gas stocks pointed the way: Rosneft securities fell by 14.3 percent, those of Lukoil by almost 13 percent and Gazprom by a little more than 10 percent.
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