US Stocks end mostly lower

The US stocks finished mostly lower after erasing early gains on Friday, 19 June 2020, as risk sentiments dampened after reports showing a surge in coronavirus infections in several states in America and the World Health Organization's warning that the pandemic is accelerating and the world is in a new and dangerous phase.

At closing bell, the Dow Jones Industrial Average fell 208.64 points, or 0.8%, to 25,871.46. The S&P 500 index dropped 17.60 points, or 0.56%, to 3,097.74. The tech-heavy Nasdaq Composite Index rose 3.07 points, or 0.03%, to 9,946.12. For the week, the Dow rose 1%, the S&P 500 gained 1.9%, and the Nasdaq added 3.7%.

The US stocks commenced trading with firm footing on optimism about economic recovery in the wake of recent strong data on employment and retail sales. Meanwhile, reports that Beijing is planning to buy more agricultural goods from the United States, in line with the phase one trade deal the two countries agreed to in January also helped as well in setting up a firm start for the market.

However, stocks made a U-turn and headed lower, as worries about growing Covid-19 infections. Parts of the country have been dealing with thousands of new infections, which is spooking businesses, economists and investors.

The World Health Organization at a Friday briefing also said that the coronavirus pandemic has entered a new and dangerous phase. Some 8.5 million people have been infected with COVID-19 world-wide and the illness has killed at least 456,000, according to data compiled by Johns Hopkins University.

Among Indian ADR, INFOSYS fell 0.65% to $9.16, Dr Reddys Labs sank 0.21% to $53.18, Vedanta fell 3.72% to $5.44, WNS Holdings slid 0.85% to $54.52, and Wipro lost 1.2% to $3.30, while Tata Motors grew 3.45% to $6.59, HDFC Bank rose 2.15% to $44.69, and ICICI Bank grew 2.49% to $9.47.

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