Weekly Market Snapshot: June 19th, 2020
Market related news for the week ending June 19, 2020
- Monday the Dow fell 500 points in early trade on fears of a coronavirus resurgence.
- Hertz shares fell 20% before the open Monday after filing for a $500 million stock sale. The company warned that because it is bankrupt, the stock could be rendered “worthless.”
- Federal Reserve Chairman Powell testified to lawmakers Tuesday, saying there’s a “reasonable probability” that more help from both Congress and the Fed will be necessary.
- Thursday the French Finance Minister confirmed that the U.S. had pulled out of talks with European countries to create a new global tax framework. Led by the OECD, the discussions focused on an overhaul of the current system that would likely affect top U.S. tech firms such as Amazon and Google. France categorized the withdrawal as a “provocation” and said it would apply duties regardless, increasing the likelihood of a new trade and tariff dispute.
- Thursday Hertz shares fell around 10% after the company said it plans to terminate its controversial stock sale.
- Friday stocks began the day with strong gains after a report by Bloomberg News that China was set to increase its purchases of U.S. farm products to comply with the phase-one trade deal. The Dow then gave up these early gains on fears of a coronavirus resurgence. The Cruise Lines International Association announced it will suspend cruise operations from U.S. ports. Apple said it is reclosing stores in Florida, Arizona, South Carolina and North Carolina. Apple shares fell slightly on the news after hitting an all-time high earlier in the day.
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