Dow drops 1,200 points as Covid-19 fears rise
U.S. stocks sold off on Thursday as fears grew of a second wave of COVID-19 cases. The Dow Jones traded 4.6% lower, the S&P 500 fell 3.9% while the Nasdaq also dropped by 3%.
This comes as a result of news on Wednesdays from Texas where 2,504 new cases of COVID-19 and 32 deaths were recorded. The Lone-star State also suffered a third-straight day of record-breaking coronavirus hospitalizations.
Today’s losses mean the Dow is set to record its first 3 day losing streak since early May, plus its biggest 1 day fall since March 18th.
Similar to the Dow, the S&P 500 is also headed for its longest losing streak since early March and the worst day since April 1st.
Longest GBP rally since 2018 finally ends
After recently breaking out of the 1.242 level against the dollar, the pound climbed to a 3-month high of 1.28. However it seems that the run is finally over.
Thursday saw GBP fall against both USD and EUR leading it to end its longest winning streak against the USD since January 2018.
Many believe this drop has been driven by dollar gains post yesterday’s FOMC meeting and Brexit-related concerns.
The pound had risen 3.9% against the dollar after almost 2 weeks of consecutive highs.
Just Eat set to acquire GrubHub in a landmark deal
On Thursday it was reported that Just Eat had agreed to buy GrubHub in a $7.3 billion deal,
If the takeover were to be completed it would create the world’s biggest food delivery company outside China.
The deal comes after GrubHub walked away from Uber’s attempt to acquire the Company.
“In trading/investing, it is not about how much you make but rather how much you don’t lose.”Bernard Baruch
USDCAD: USDCAD held its support line of 1.338 on Thursday to rally to 1.358. This move comes as the 10 day and 25 day moving averages crossed.
BTCUSD: Bitcoin dropped by $800 on Thursday as the $9,900 resistance level was held. The market has since rallied by $300, however a $500 drop still allows it to maintain the title “ bear of the day”.