Dow halts rout but still negative amid poor energy and financial data

30.09.2020 - Petr Mazaylo
Dow halts rout but still negative amid poor energy and financial data

The Dow halted from its rout on Tuesday but still remained in negative territory as poor data in energy and financials weighed on investor sentiment amid the resurgence of COVID-19 cases. 

The Dow Jones Industrial Average fell 0.18% (48 points). Meanwhile, the S&P 500 was down 0.13%, while the Nasdaq Composite added 0.02%.

Energy shares took a hit amid concerns over oil demand resurfaced as signs that the COVID-19 was picking up pace around the country, including in previous hotspots such as New York.

Meanwhile, financials, mostly banks, which had led the rally in the broader market this week, retreated from gains with Morgan Stanley, Citigroup, and Bank of America each falling more than 1%.

On the economic front, consumer confidence continued to show resilience despite the discontinuation of unemployment checks from a previous COVID-19 aid package.

The consumer confidence index rose to 101.8 in September from 84.8 in August, topping consensus for a reading of 90.

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