The uncertainty surrounding the coronavirus’ further impact on the world has contributed to a heavy afternoon on Wall Street. The fear index rises to the highest level since June.
Published:Updated: October 28, 2020 4:03 PM, Published: October 28, 2020 2:36 PM
Right from the start, all three leading indices on Wall Street fell sharply. About an hour later, it has really soured.
This is what it looks like on Wall Street at 4pm:
- The S&P 500 falls 3.00 percent
- Nasdaq is down 3.22 percent
- The Dow Jones is down 3.05 percent
Stock markets around the world have turned significantly downwards during the day. In Europe, the stock markets in both Frankfurt and Paris are down around four percent.
The Oslo Stock Exchange is also down sharply, with the Main Index down 2.85 per cent. The stock market here at home is also characterized by a negative development for the oil price, which at the time of writing is down 3.71 per cent to 39.19 dollars a barrel.
The oil price falls more than four percent at four o’clock on Wednesday.
The Oslo Stock Exchange is thundering down
Increased infection rates
The broad downturn is coming as more and more countries report an increase in infection, which in turn leads to stricter tightening.
This also applies to the United States, where infection rates have had a record high in the last week, according to CNBC.
The turmoil in the market has contributed to investors applying for government bonds for security, and the interest rate on the US ten-year-old has fallen to 0.75 per cent during the day, the news channel writes.
On the same day, the so-called “fear index” Vix, which measures fluctuations in the market, rose 20.93 percent. It is now at 40.33 points, its highest level since June 15.
Continued strong growth for technology giant Microsoft
Microsoft is falling heavily after the release of numbers
On Tuesday night, technology giant Microsoft was able to present a strong result. The figures showed that turnover ended at 37.15 billion dollars, an increase of more than 12 percent compared to the previous year. The upswing came, among other things, after continued strong growth for the company’s cloud services.
Earnings per share ended the same period at $ 1.82, up from $ 1.38 per share the year before.
Despite the strong result, Microsoft shares fell 3.85 percent on Wall Street on Wednesday afternoon.
Microsoft is the first of the largest technology companies to present figures. On Thursday night, both Apple, Amazon, Alphabet and Facebook will present their results for the previous quarter period.
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