Tesla, Apple and Intel continued to feel the ongoing effects of coronavirus on the stock market, Wednesday, as lack of progress on an economic stimulus plan led to another day of big declines on Wall Street.
President Donald Trump met Tuesday with Congressional leaders, but a lack of details and consensus on a plan to provide economic relief to consumers and businesses sent investors back into selling mode on Wednesday.
Early in Wednesday’s trading, the Dow Jones Industrial Average fell by 1,018.30 points, or more than 4%, to 23,999.86, while the S&P 500 gave up 3.7%, to drop to 2,775.44, and the Nasdaq Composite Index fell by 3.4% to 8,059.01.
Losses washed over local stocks, as Apple shares fell 3.3%, to $275.96, Tesla was off by 2%, at $633.70 a share, and Intel shares declined by 2.3%, to $52.74.
Declines also came from Cisco Systems, down 4.1% to $38.44; Facebook, which was off by 3.5%, to trade at $171.80; HP, which saw its shares fall by 5.3%, to $18.75, and Netflix, down almost 3%, to trade at $353.80.
The day’s market swoon continued an up-and-down trend for stocks this week that mirrored the latest reports about efforts to contain the spread of coronavirus and its ongoing impact on the U.S. and global economies.
Monday saw all the major stock market gauges fall by at least 7%, with the Dow Industrials losing more than 2,000 points, but on Tuesday, the Dow climbed gained 1,100 points on the day amid hopes that an economic stimulus plan that would include a temporary payroll tax cut, would soon be put in place.
“As the contagion plays out in the coming weeks and months, it will increasingly impede business activity,” said James McDonald, chief executive and chief information officer of Los Angeles-based Hercules Investments. “The situation on the ground in the U.S. is likely to get worse before the epidemic blows over and will leave the economy worse off from it.”
Coronavirus: Tesla, Apple join in another big stock market swoon