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Wall Street deep in the red, Dow down 500 pts on recession fears

USA ECONOMY | 02 de octubre de 2019

Multiple-exposure image showing workers on the New York Stock Exchange in New York on Oct. 2, 2019, amid losses of over 500 points at midday on poor economic figures and global recession fears. EFE-EPA/ Justin Lane

New York, Oct 2 (efe-epa).- Wall Street increased its losses from the previous day by mid-session on Wednesday, with the Dow Jones Industrial average losing more than 500 points, pulled down by recession fears after more poor US economic figures were released, this coming at a time when President Donald Trump is facing an impeachment investigation.

By mid-session, the Dow had lost 1.94 percent, or 515.17 points and stood at 26,057.

The decline was similar to that in the S&P 500 index, which was down 1.91 percent or 56.17 points at 2,884.10, while the Nasdaq index, which includes the country's main tech firms, had lost 1.81 percent or 143.48 points, falling to 7,765.21.

The red figures were made worse by the fact that on Tuesday the Dow had closed down 343 points after US manufacturing fell in September to its lowest point in a decade.

On the heels of that report, on Wednesday an employment report confirmed the caution that many companies are exercising in the face of the global economic situation, which has been roiled by the trade war between the US and China, among other things.

Recession fears were not only affecting Wall Street, with virtually all stock markets around the world registering losses on Wednesday.

On the New York Stock Exchange, all economic sectors were in negative territory with the largest percentage losses coming in industrials (2.42 percent), materials (2.32 percent) and tech (2.25 percent).

Among the 30 Dow stocks, only Johnson & Johnson was in the green, up by 1.38 percent at midday.

Among the other firms in negative territory were Walgreens Boots (down 3.24 percent), Cisco (-3.03 percent) and Intel (-2.99 percent).

In other markets, West Texas Intermediate crude oil fell to $52.31 per barrel and the yield on the 10-year Treasury Bond moved to 1.591 percent, while gold - traditionally a safe haven in uncertain economic times - rose to $1,506.70 per ounce.

Meanwhile, the dollar depreciated against the euro, falling to $1.0948 per euro.

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