Nasdaq Falls 2%, Snapping Record High Streak Based On COVID-19 Reopening Worries In US

NEW YORK (UrduPoint News / Sputnik - 14th July, 2020) Wall Street's key technology index, the Nasdaq Composite, fell just over 2 percent on Monday, the most in nearly three weeks, on worries about a fresh clampdown on the US economy from novel coronavirus infections after the tech-rich state of California ordered closure of restaurants and other establishments.

Nasdaq finished down 2.13 percent, or 227 points, at 10,390, snapping a streak of record highs set in recent weeks.

A surge in new coronavirus cases in the United States have tempered expectations for a fast recovery in fuel consumption.

Earlier on Monday, California Governor Gavin Newsom shut down all restaurants, bars and movie theaters in the state after the number of deaths related to the novel coronavirus in the state passed 7,000. California is the number one hub for the US tech sector.

The Dow Jones Industrial Average, the broadest indicator on the New York Stock Exchange, settled virtually flat at 26,086. The S&P 500, a barometer for the top 500 US stocks, closed down 1 percent at 3,155.