Tue, 14 Jul 2020

NEW YORK, New York - Wall Street was sharply weaker on Tuesday, joining a global meltdown in stocks. Only the Nasdaq managed to close flat.

Apple reported it was not going to make its quarterly sales or profits estimates due to a sharp slowdown of sales in China because of the coronavirus. "It was more than analysts had expected from Apple," Quincy Krosby, chief market strategist at Prudential Financial in Newark, New Jersey told the Reuters Thomson news agency on Tuesday.

"There will be more companies" to cite the virus' impact, but she said "it's hard to imagine, especially in the tech world, one that is so closely correlated with China."

The Dow Jones dropped 165.89 points or 0.56% to 29,232.19.

The Standard and Poor's 500 fell 9.87 points or 0.29% to 3,370.29.

The Nasdaq Composite, going against the trend, made a small 1.57 points or 0.02% gain, to close flat at 9,732.74.

The U.S. dollar roared on Thursday sending currencies reeling. The euro fell to a historic low of 1.0784 before recovering to 1.0791.

The British pound fell to1.29.97. The Japanese yen was weaker at 109.86. The Swiss franc dived to 0.9831.

The Canadian dollar was lower at 1.3258. The Australian dollar fell to 0.6685. The New Zealand dollar buckled to 0.6386.

Overseas, in London, the FTSE 100 closed 0.69% lower.

In Europe, the German Dax fell 0.75%. The Paris-based CAC 40 declined 0.48%.

On Asian markets, the Benchmark Japanese index, the Nikkei 225, was down 323.04 points or 1.37% at 23,200.20 at the close Tuesday.

The Australian All Ords declined 12.90 points or 0.18% at 7,208.30.

In Hong Kong, the Hang Seng plummeted 429.40 points or 1.54% to 27,530.20.

China's Shanghai Composite, which traded in the red most of the day, managed to eke out a tiny gain at the close to finish flat. The key index was up 1.35 points or 0.05% at 2,984.97.

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