MARKET OPEN: Rough ride likely on renewed concern for US economy

Fri, 12 Jun 2020

The local market may be in for a rough ride after Wall Street dropped overnight on recovery-related jitters. The Dow Jones Industrial Average was down 6.9 percent at 8am in Wellington, the S&P 500 was down 5.9 percent and the Nasdaq had fallen 5.3 percent. The S&P/NZX 50 Index eased 0.9 percent yesterday and the steep slide on Wall Street will likely add to the downward pressure today. “I’m calling it ‘announcement anxiety’ from the earlier-in-the-week announcements,” said Sam Stovall, chief investment strategist at CFRA Research in Ne...

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