New York, April 14 (IANS) US stocks closed mixed as fears over the COVID-19 pandemic continued to rattle investors.
On Monday, the Dow Jones Industrial Average decreased 328.60 points, or 1.39 per cent, to 23,390.77. The S&P 500 was down 28.19 points, or 1.01 per cent, to 2,761.63. The Nasdaq Composite Index increased 38.85 points, or 0.48 per cent, to 8,192.42, Xinhua news agency reported.
Caterpillar shares plunged 8.7 per cent, leading the losses in the Dow.
Eight of the 11 primary S&P 500 sectors finished lower, with real estate down 4.59 per cent, the worst-performing group. Consumer discretionary climbed 1.1 per cent, outpacing the rest.
As of Monday afternoon, more than 572,000 COVID-19 cases have been reported in the United States, with 23,078 deaths, according to the Center for Systems Science and Engineering at Johns Hopkins University.
Wall Street also digested news concerning major oil producers’ historic production cuts.
The Organization of the Petroleum Exporting Countries and other crude producers led by Russia agreed on Sunday to reduce output by 9.7 million barrels per day for May and June after four days of talks.
Monday’s market movement followed a massive rally in the previous week.
For the holiday-shortened week ending April 9, the Dow spiked 12.67 per cent, the Nasdaq climbed 10.59 per cent, and the S&P 500 gained 12.1 per cent, marking the best weekly performance since 1974, according to Dow Jones market data. The US stock market was closed Friday in observance of Good Friday.