Commuters exit a Wall Street subway station near the New York Stock Exchange.
Michael Nagle | Bloomberg | Getty Images
Dow falls 109 points, but tech lifts the Nasdaq
The Dow fell 109 points, or 0.5, to close at 24,221.99. The S&P 500 was essentially flat at 2930.19. The Nasdaq Composite advanced 0.8% to 9,192.34. Gains from major tech stocks lifted the broader market from its intraday lows, but investors remained jittery about the prospects of a second wave of coronavirus cases as the economy reopens. It was the sixth day of gains for the Nasdaq Composite, its best winning streak all year.
Looser restrictions, more coronavirus cases
The World Health Organization said Monday that countries who have relaxed lockdown measures have seen a spike in coronavirus cases. South Korea warned of a new cluster of cases involving night clubs. Singapore and Japan also confirmed new cases. “The world very much remains on the path to reopening, a process that will accelerate over the coming weeks,” says one trader. However, “there will be a reckoning around the reopening and linearity narratives.”
‘FAANGM’ leads market
Shares of Amazon and Apple each gained at least 1% while Netflix closed higher by 1.1%. Google-parent Alphabet rose 1.4%. Microsoft shares advanced 1.1%. Those shares helped the broader market claw back from a decline earlier in the session.
What happens next?
The latest reading on the consumer price index is set for release Tuesday.
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Published at Mon, 11 May 2020 21:01:31 +0000-Here’s what happened to the stock market on Monday