Wall St. totters on fears of pandemic resurgence as economy reopens
by SOURAV D | VIEW 1903
On Tuesday, the 12th of May 2020, all three key indices of Wall St. tumbled nearly 2 per cent following an alarming bell raised by the top US infectious disease expert, Anthony Fauci regarding a premature reopening of the world’s No.
1 economy which Fauci said in effect could lead to a vigorous resurgence of the pandemic outbreak, reinforcing worries over a delayed recovery of US economy that had already been pummelled in to a rancorous recession. In point of fact, a heavy downpour in Tuesday’s (May 12th) Wall St.
was mostly prodded by the remarks of Anthony Fauci, the director of the National Institute of Allergy and Infectious Diseases, a physician turned in to a political lightning rod, who told to the US Congress on Tuesday (May 12th) that the pandemic outbreak in the United States had not yet been under control, and there might not be a notable development in vaccines or treatment until late-August or early September, adding “There is a real risk that you will trigger an outbreak that you may not be able to control and ...
could even set you back on the road to try to get economic recovery,” eventually leading to a flight-to-safety response in afternoon trading hours. Meanwhile, as market analysts had blamed investors’ attempts to lock in profit on Tuesday’s (May 12th) Wall St.
behind the broad-based tumbling, referring to a pandemic-driven catch 22 for the US economy, a Chief Executive of Ladenburg Thalmann Asset Management in New York, Phil Blancato said on Tuesday (May 12th), “From the science viewpoint if we open too quickly, we’ll just go back to where we were.
But if we don’t open at all, we have this economic malaise. ” Quoting statistics, on Tuesday’s (May 12th) Wall St. wrap-up, the trade-sensitive Dow took a head of 1.89 per cent to 23,764.78, S&P 500 was hit with a whiplash of 2.05 per cent to 2,870.12, while the tech-heavy Nasdaq Composite was jolted 2.06 per cent to 9,002.55.