Market roundup for July 24
SAN JUAN — U.S. and global markets took a dive, closing the week down. Increasing diplomatic tensions between the United States and China have sparked renewed concern over the world’s trade and political stability.
Intel, the world’s largest chipmaker, delayed it’s new generation of chips by six months. This caused the manufacturer to lose close to 17% of its share price and send most tech stocks down.
Regarding the novel coronavirus, the rate at which Covid-19 cases during the past nine days, or July 15 to 24, have risen, yield the following percentages:
- U.S. cases rose from 3.4 million to 4 million, an increase of 579,000, or 15%.
- Puerto Rico cases rose from 10,379 to 13,473, an increase of 3, 094, or 30%.
- Florida cases rose from 301,810 to 389,868, an increase of 88,058, or 29%.
Meanwhile, the so-called “Stimulus 4” is expected to pass the Senate as early as August. Democrats support a measure similar to the Heroes Act, and Republicans favor a scaled-back measure that would target a smaller set of healthcare and economic recovery needs. The final bill may total close to $1.5 trillion in new spending.
- The Dow Jones Industrial Average closed at 26,469.89, down 182.44 points, or 0.68%.
- The Standard & Poor’s 500 Index closed at 3,215.63, down 20.03 points, or 0.62%.
- The NASDAQ Composite Index closed at 10,363.18, down 98.24 points, or 0.94%.
- The Birling Capital Puerto Rico Stock Index closed at 1,571.45, up 52.64, or 3.43%.
- The U.S. Treasury 10-year note closed at 0.59%.
- The U.S. Treasury 2-year note closed at 0.14%.