Sat, 06 Jun 2020

NEW YORK, New York - U.S. stocks were battered on Tuesday as traders and investors fretted about the state of the post-coronavirus economy.

The damage from the virus, not only in health terms, but in economic ones, is likely to be huge with not just a recession in sight, but quite possible a depression.

"After the battering we've taken in the last month, people aren't willing to make big bets in any direction right now, especially since we'll have more insight from commentary in early earnings reports starting next week," Carol Schleif, deputy chief investment officer at Abbot Downing in Minneapolis yold Reuters Thomson on Tuesday.

At the close of trading Tuesday, the Dow Jones Industrial Average was down 410.32 points, or 1.84%, at 21,917.16.

The Standard and Poor's 500 fell 42.06 points, or 1.60%, to 2,584.59.

The Nasdaq Composite was off 74.05 points, or 0.95%, at 7,700.10.

The U.S. dollar surprisingly fell across the board, interrupting its recent corrective rally. The euro regained the 1.1000 mantle to trade at 1.1032 in late trading in New York Tuesday.

The British pound jumped back up to 1.2400, last quoted at 1.2425.

The Japanese yen recovered losse incurred in Asia, to trade at 107.57.

The Swiss franc firmed to 0.9608.

The Canadian dollar rose to 1.4072. The Australian dollar was little changed at 0.6150. Only the New Zealand dollar gave up ground. The kiwi fell to 0.5972.

Overseas, the FTSE 100 in London advanced 1.95%. The German Dax rose 1.22%. In Paris, the CAC 40 was up 0.40%.

On Asian markets, by the close of trading Tuesday, the Shanghai Composite was ahead just 3.08 points or 0.11% at 2,750.30.

In Hong Kong, the Hang Seng jumped 428.37 points or 1.85% to 23,603.48.

In Japan and Australia however modest losses were recorded.

Japan's Nikkei 225 dipped 167.96 points or 0.88% to 18,917.01.

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