US Market ends down on rising coronavirus cases

The US stock market finished session steep lower on Friday, 26 June 2020, as risk off selloff triggered on rising coronavirus cases and the Federal Reserve ordered to cap bank dividend payments and share buybacks.

At closing bell, the Dow Jones Industrial Average fell 730.05 points, or 2.84%, to 25,015.55. The S&P 500 index lost 74.71 points, or 2.42%, to 3,009.05. The tech-heavy Nasdaq Composite Index dropped 259.78 points, or 2.59%, to 9,757.22.

Wall Street ended Friday at its lowest levels in about two weeks as investors were disappointed to see that the number of confirmed new coronavirus cases per day in the US hit an all-time high of 40,000, surpassing the peak set during one of the deadliest stretches in late April.

The governors from Texas and Florida on Thursday both signaled that they would pause the reopening of their economies as the two giant states of the US sunbelt contend with spikes in coronavirus cases. Renewed concerns over the novel coronavirus pandemic has threatened to derail a strong rally for Wall Street.

Bank shares plummeted after the Federal Reserve limited dividend payments and barred share repurchases until at least the fourth quarter following its annual stress test.

Among Indian ADR, Dr Reddys Labs fell 1.92% to $52.19, Vedanta dropped 3.83% to $5.77, WNS Holdings declined 2.71% to $53.40, Tata Motors shed 5.04% to $6.60, HDFC Bank sank 1.23% to $45.09, and ICICI Bank fell 3.52% to $9.05. INFOSYS rose 2.58% to $9.53, and Wipro added 0.31% to $3.27.

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