Wall Street tumbles as economy reopening in focus

Source : IANS 2020-05-13 15:03:31

US stocks sank on Tuesday as investors eyed the latest efforts on easing coronavirus-tied lockdowns.

The Dow Jones Industrial Average fell 457.21 points, or 1.89 per cent, to 23,764.78. The S&P 500 decreased 60.20 points, or 2.05 per cent, to 2,870.12. The Nasdaq Composite Index was down 189.79 points, or 2.06 per cent, to 9,002.55, Xinhua reported.

All the 11 primary S&P 500 sectors dropped, with real estate closing down 4,25 per cent, the worst-performing group.

The moves came as more US states outlined plans to relax shutdowns from the pandemic.

The US state of New York will end its statewide closure on May 15 by reopening three regions where the COVID-19 pandemic has shown signs of mitigation, Governor Andrew Cuomo said on Monday.

Some low-risk businesses including landscaping and gardening, as well as recreational activities such as tennis will also resume on May 15, said the governor.

On the data front, US Consumer Price Index (CPI) declined 0.8 per cent in April, the largest monthly decline since December 2008, the US Bureau of Labor Statistics reported on Tuesday.

The so-called core CPI, another closely watched measure of inflation that strips out food and energy, fell a record 0.4 per cent last month, said the bureau.