US GDP Q2 2020: Stock Indexes In New York Fell On Data On A Sharp Decline In GDP
Key indexes on the New York stock exchange fell at the opening of the session on Thursday, on the back of data that US GDP in the second quarter fell by a record 32.9% year-on-year due to the new coronavirus pandemic.
According to the information posted on the trading platform's website, the Dow Jones industrial index fell by 290.07 points (-1.09%) to 26,249.50. The S&P 500 index, which includes the 500 largest companies in the US market, fell 34.42 points (-1.06%) to 3,224.02. The NASDAQ electronic exchange index fell 99.03 points (-0.94%) to 10,443.91.
The price of September futures for WTI crude oil fell by $1.03 to $40.35 per barrel.
As noted by the Associated Press News Agency (AP), citing data from the US Department of Commerce, the decline in GDP in the second quarter was the most significant since 1947. "In the first quarter - in the period from January to March - GDP fell by 5%, and the economy formally began to decline. caused by a coronavirus pandemic, the Agency noted. "Thus, the longest period of economic growth in the history of the United States, which lasted for 11 years, has come to an end."
"The decline in GDP demonstrates how unprecedented the impact of the pandemic on the economy was," Andrew Hunter, senior economist at Capital Economics, told the Agency. "We expect it will take years to fully recover from this damage."