US equities post weekly losses amid oil chaos, COVID stimulus

13

New York, April 26 | US stocks declined in the week featuring bizarre moves in oil prices and an economic aid package amid the COVID-19 crisis.

For the week ending April 24, the Dow fell 1.9 per cent, the S&P 500 lost 1.3 per cent and the Nasdaq retreated 0.2 per cent. The declines were the first losing week for the benchmarks in the past three weeks.

Wall Street finished the week on an upbeat note on Friday with the Dow closing up 260 points as market sentiment was lifted by the progress in a US coronavirus stimulus.

US President Donald Trump on Friday signed into law a US $484 billion relief package to boost funding for small businesses, hospitals and virus testing. The coronavirus continued to sweep the nation, with the economy devastated and the death toll still rising.

US initial jobless claims, a rough way to measure layoffs, registered 4.427 million in the week ending April 18, the Department of Labor reported on Thursday. That brought the total number of claimants in the past five weeks to more than 26 million amid the COVID-19 fallout.

“With so many millions out of work for a month and still waiting for the safety net to kick in, household spending power is severely constrained,” which is likely to take a big bite out of April consumption, Chris Low, chief economist at FHN Financial, said in a note.

Private sector firms in the United States signalled an unprecedented decline in business activity in April, with manufacturing and service sector companies registering marked contractions of output amid the coronavirus pandemic, according to a report by London-based global information provider IHS Markit on Thursday.

The IHS Markit Flash US manufacturing Purchasing Managers’ Index (PMI) fell to 36.9 in April from 48.5 in March, while the Flash US services PMI plunged to 27 this month from the March reading of 39.8.

More than 919,000 confirmed COVID-19 cases have been reported in the United States, with 52,100 deaths, as of midday Saturday, according to the Center for Systems Science and Engineering at Johns Hopkins University.

Investors also grappled with the extreme volatility on the energy market.

Oil futures on Friday gained for a third straight session, but US prices posted a record weekly loss of 32.3 per cent, based on the June contract. That was the biggest weekly percentage loss on record, according to Dow Jones Market Data.

Earlier in the week, the May contract for US crude even fell below zero for the first time in history. June Brent declined 23.6 per cent for the week.

Traders eyed on the oil market’s chaos as they grew concerned that deep losses for the energy industry would hit the US economy even further, experts noted.

Source: IANS

Sponsors Posts

Nirman Nagar Kajarwara Jabalpur by One Realty Developers - BhaskarProperty.com

Nirman Nagar Kajarwara Jabalpur by One Realty Developers - BhaskarProperty.com

Reliability, Quality, Assurance, and Authenticity have always been pillars of One Realty Developers. Reaching new heights every year and catering to the masses ever since 2011, we bring you NIRMAN NAGAR a 9 Acres affordable housing Township in Kajarwara just 4.8 km from Sadar.

In NIRMAN NAGAR we bring you an array of affordable housing options to choose from Plots, 2 BHK singlex, and 4 BHK duplex. Three beautifully landscaped gardens with amenities like a children’s play area, water fountain, and a badminton court.

The drainage system is Hi-tech and fully underground so are the security and surveillance system in the township. This RERA-approved township has tie-up with all major banks for the finance facility. We believe that the cornerstone of any great structure is a great idea and that one of the greatest joys of life is to see your idea brought to life before your own eyes. This is the Endeavor One Realty Developers undertake, to bring your ideas from abstract concept to solid reality.

Singlex & Duplex Specification

FRAMEWORK RCC framed structure. SUPERSTRUCTURE Conventional brick masonry.

DOORS Main Door – Teak wood frame & shutter. Internal Doors – Sal wood frame and Flush door, PVC door for the toilet.

WINDOWS Anodized aluminum windows with grills.

FLOORING Vitrified tiles flooring with skirting in living/dining and all bedrooms. Anti-skid ceramic tile flooring in toilets, balconies, and utility areas. Paver blocks for car portico.

KITCHEN Granite countertop with ceramic tile dado up to 2 feet above the counter and stainless steel sink (Single bowl, single drain) Ceramic tile cladding in the wash area. Provision of the aqua guard water point.

WALL FINISHES All interior walls with a smooth finish and Acrylic emulsion paint over Birla / JK cement putty. All exterior walls with cement-based exterior paint of Apex or equivalent. Plaster of Paris / molding work in drawing and dining area.

TOILETS/ BATHS European WC’s washbasins of Hindware / Parryware or equivalent make. Provision for a shower in toilets.

POWER Concealed copper wiring of standard make. Power plugs in all necessary areas. Electrical fittings and fixtures of Anchor / Roma or equivalent make. Provision of points for the electric chimney, exhaust fans in kitchen bathrooms, air conditioners in rooms.

COMMUNICATIONS Telephone &Internet points in the living room. CABLE Provision for cable TV in the living room and all bedrooms.

For more details please click here or visit bhaskarproperty.com

Current Projects of One Realty Developers
Nirman Nagar Jabalpur, Kajarwara, Jabalpur

Projects Delivered by One Realty Developers
Aura City Jabalpur, Barela, Jabalpur
Nirvana City Jabalpur, Barela, Jabalpur
Gulmohar Greens Jabalpur, Barela, Jabalpur
Nirvana Exoticaa Jabalpur, Nirvana Exoticaa – Phase 1 & 2, Barela, Jabalpur

For more details please click here or visit bhaskarproperty.com

LEAVE A REPLY

Please enter your comment!
Please enter your name here