Dow drops nearly 400 points at close

Tuesday, 19. May 2020 22:00

Wall Street closed lower on Tuesday following Monday's strong rally that saw the Dow Jones gain over 1,000 points. The optimism surrounding a potential coronavirus vaccine wore off by Tuesday's session, pushing the Dow nearly 400 points into negative territory.

Earlier in the day, Federal Reserve Chairman Jerome Powell and Treasury Secretary Steve Mnuchin updated lawmakers on Capitol Hill on the progress of the coronavirus relief measures. Meanwhile, President Donald Trump signed an executive order on deregulation in an effort to support job growth amid the pandemic.

At the end of Tuesday's session, the Dow fell 390 points as Boeing led the losses. The S&P 500 closed 1.05% in the red with Kohl's Corp plunging over 7% as the worst performer. The Nasdaq 100 lost 0.36% at the end of trading; Gilead Sciences was among the biggest losers, falling over 3%.

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