US stocks end mixed amid concerns over economy reopening

New York, May 12 (IANS) US stocks closed mixed on Monday as investors' concerns grew over economy reopening amid uncertainties from the COVID-19 pandemic.

The Dow Jones Industrial Average fell 109.33 points, or 0.45 per cent, to 24,221.99. The S&P 500 rose 0.39 points, or 0.01 per cent, to 2,930.19. The Nasdaq Composite Index increased 71.02 points, or 0.78 per cent, to 9,192.34, Xinhua reported.

Seven of the 11 primary S&P 500 sectors ended lower, with financials and energy down 1.94 per cent and 1.69 per cent, respectively, leading the laggards. Health care and technology were up 1.67 per cent and 0.7 per cent, respectively, leading the gainers.

The mixed finish came as a growing number of US states started to ease restrictions on business.

“Investors will be keen to see whether economies can sustainably reopen without the threat of a significant second wave of new coronavirus cases, especially since multiple economies, which have already begun reopening, have reported setbacks,” UBS Global Wealth Management's Chief Investment Officer Mark Haefele said in a note.

As of Monday afternoon, more than 1.34 million confirmed COVID-19 cases have been reported in the United States, with over 80,000 deaths, according to the Center for Systems Science and Engineering at Johns Hopkins University.

For the week ending May 8, the Dow advanced 2.6 per cent, the S&P 500 gained 3.5 per cent, and the Nasdaq climbed 6 per cent.



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