Top Things to Know in the Market on Wednesday, April 8th

• 2020-04-08
• Traiding Idea

Stocks fell after a roller-coaster session

After a volatile trading session, U.S. stocks completely giving up the massive rally from earlier in the day. This happened while Wall Street assessed the latest news of the coronavirus outbreak.

The Dow Jones Industrial Average completely lost its 937.25 points jump, which was recorded at the beginning of today's trading. Finally, it closed with 26.13 points or 0.1 % drop at 22,653.83.

The S&P 500, which rose 3 % at the start of trading today, fell 0.2 % to 2659.41, losing all of its gains.

The Nasdaq Composite ended the day 0.3% lower at 7,887.26 after jumping more than 3%. 

Some experts believe that investors are worried that factory closures will continue beyond the second quarter due to the coronavirus outbreak.

European stock markets

The rise in the number of confirmed coronavirus cases in the United Kingdom and the New York state has worried investors. This means that quarantine will continue.

However, the number of new coronavirus cases has dropped in most European countries, which is why some European governments want to remove some of the social restrictions.

In London, the FTSE 100 index climbed 2.19 % and closed at 5,704.45. French CAC 40 index rose 2.12 % and finished the day at 4,438.27.

Also, Germany's DAX 30 index surged 2.79 % to 10,356.70. In Spain, the IBEX 35 index climbed 2.3% to 7,002.00.

Asian stock markets

The two-day upward rally in Asian stock markets has ended. While the spread of the coronavirus has slowed, the death toll has risen.

Apart from the Japanese stock market, which has small growth, other Asian stock indices have fallen.

Japan's benchmark Nikkei 225 rose 2.48% and closed at 19,353.34. The Hang Seng in Hong Kong fell 0.71% to 24,081.23.

China's Shanghai Composite dropped 0.26% and ended at 3,788.13. In Australia, the S&P/ASX 200 index lost 0.86% to 5,206.90. Among other major Asian indices, TOPIX (Tokyo Stock Price Index) was up.

Oil market

Crude oil prices rose before the meeting of the world's largest oil producers. Investors are optimistic about a possible agreement to reduce oil production.

U.S. West Texas Intermediate ( WTI ) futures surged 4.74%, to settle at $24.75 per barrel. Brent crude futures rose 1.82%, to $32.45 per barrel.