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The Dow slumped because investors became afraid of the economy



A face mask is seen in front of the New York Stock Exchange (NYSE) on May 26, 2020 at Wall Street in New York City. - Global stock markets climbed Monday, buoyed by the prospect of further easing of coronavirus lockdowns despite sharp increases in case rates in some countries such as Brazil. Over the weekend, US President Donald Trump imposed travel limits on Brazil, now the second worst affected country after the United States, reminding markets that while the coronavirus outlook is better, the crisis is far from over. (Photo by Johannes EISELE / AFP) (Photo by JOHANNES EISELE/AFP via Getty Images)

US stocks plummeted to a close, with all three indexes recording their worst performance since March 16 – when stock selloffs over fears how a pandemic will affect the economy are at their worst.

That Dow (INDU) closed 1,862 points, or 6.9%, lower. The index fell back below 26,000 points for the first time since the beginning of the month.
That S&P 500 (SPX) ended down 5.9%, closing at the lowest total point since the end of May. Only one S&P stock, wholesale chain Kroger (KR), closed in positive territory.
That Nasdaq Composite (COMP), which reached an all-time high on the first three days of the week, closed 5.3% lower. The index recorded three consecutive all-time highs at the beginning of the week and ended above 10,000 points for the first time in history Wednesday, but on Thursday it fell back to levels not seen since late May.

US crude oil prices closed at $ 36.34 a barrel, down 8.2%.

The increasing number of corona virus cases in the United States has scared Wall Street. The second wave of infection can force many businesses to close again right after they are reopened.

Treasury Secretary Steven Mnuchin said the US economy would not close again even though the number of cases had increased.

“We cannot kill the economy anymore. I think we have learned that if you shut down the economy, you will create more damage, and not only economic damage, but there are other areas,” he told CNBC in an interview.

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Mnuchin said more than one trillion dollars would be pumped into the economy over the next month.

Federal Reserve Chair Jerome Powell said on Wednesday that the economic future was very uncertain.

Although Powell acknowledged that the May jobs report, which showed 2.5 million jobs were added to the economy, was a welcome surprise, he noted that millions of Americans would never return to their jobs and could remain unemployed for years.

Another 1.5 million Americans filed for unemployment benefits the first time last week, data from the Labor Department showed Thursday. The number of continuing unemployment claims, which counts people who have applied for benefits for at least two consecutive weeks, remains above 20 million.

The Fed projects the unemployment rate to fall to 9.3% at the end of the year from 13.3% in May. Before the pandemic, in February, the unemployment rate approached a 50-year low of 3.5%.

Gross domestic product – the largest economy size in the country – is expected to plummet 6.5% this year before the rebound.

The central bank is expected to maintain its stimulus for the foreseeable future. The central bank does not expect to raise interest rates this year or in 2021, according to the so-called dot plot, which maps the expectations of members of the monetary policy committee. Even in 2022, only two policymakers expect an increase.

“We are not thinking about raising interest rates – we are not even thinking about raising interest rates,” Fed Chair Jerome Powell told reporters at a press conference.

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Usually low interest rates are good for stocks because it is getting cheaper for companies to borrow money. But at this time, low interest rates for a longer period also means that the economy will not be re-established for a while.

President Donald Trump said in a tweet that the Fed was often wrong, adding “We will have a very good Third Quarter, a great Fourth Quarter, and one of our best years in 2021.”

Global stocks also fell sharply. Japan Nikkei 225 (N225) finished down 2.8% and Hong Kong Hang Seng Index (HSI) closed down 2.3%. Chinese benchmark Shanghai Composite (SHCOMP) give up 0.8%. In Europe, Germany DAX (DAX) finished down 4.5%, while France CAC 40 (CAC40) shed 4.7%. That FTSE 100 (UKX) decreased by almost 4% in London.

Coronavirus infection

Since Remembrance Day on May 25, the number of coronavirus hospitalizations has been lost in at least a dozen US states, according to CNN data collected from the Covid Tracking Project. They are Alaska, Arkansas, Arizona, California, Kentucky, Mississippi, Montana, North Carolina, Oregon, South Carolina, Texas and Utah.

When countries throughout the country reopen their economies, people are forced to coexist with the virus. The closely watched coronavirus model from the Institute for Health Metrics and Evaluation at the University of Washington was updated on Wednesday now estimating nearly 170,000 deaths from coronavirus in the United States on October 1.

AMC plans to reopen its cinema in July

“If the US cannot check growth in September, we can face a worsening trend in October, November, and the following months if a pandemic, as we predict, follows the pneumonia season,” IHME Director Dr. Christopher Murray said in a statement.

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The number of global cases also continues to increase, with almost 7.4 million confirmed confirmed infections, according to Johns Hopkins University. Brazil, Russia, Britain and India have the most cases after the United States. More than 415,000 people worldwide have died.

Hopeless hope

Many investors have bet on a quick recovery for the world’s largest economy.

The S&P 500 surged into positive territory for the year earlier this week even when economists formally declared the US economy was in recession. The Nasdaq reached 10,000 points for the first time in history Tuesday.

On Thursday, the S&P was negative again for this year and the Nasdaq returned below the key threshold.

But the increasing number of cases of corona virus in the United States coupled with dire economic projections from experts including the US central bank shows ongoing pain for companies and workers. Gloomy outlook now may be increasingly difficult to ignore.

Stephen Innes, head of global market strategy at AxiCorp, said on Thursday that the market was having a hard time digesting headlines indicating an outbreak of a new virus in the United States. “Secondary outbreaks have nothing to do with sneezing,” he said.

This is official: the recession began in February

– Faith Karimi, Arman Azad, Joe Sutton, Betsy Klein and Paul La Monica contributed reporting.

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Portuguese historical films will premiere on 29 December.



Portuguese historical films will premiere on 29 December.

Method Media Bermuda will present the documentary FABRIC: Portuguese History in Bermuda on Thursday, December 29 at the Underwater Research Institute of Bermuda.

A spokesperson said: “Method Media is proud to bring Bermuda Fabric: Portugal History to Bermuda for its 5th and 6th showing at the Bermuda Underwater Observatory. In November and December 2019, Cloth: A Portuguese Story in Bermuda had four sold-out screenings. Now that Bermuda has reopened after the pandemic, it’s time to bring the film back for at least two screenings.

“There are tickets For $ 20 – sessions at 15:30 and 18:00. Both screenings will be followed by a short Q&A session.

Director and producer Milton Raboso says, “FABRIC is a definitive account of the Portuguese community in Bermuda and its 151 years of history, but it also places Bermuda, Acors and Portugal in the world history and the events that have fueled those 151 years.

“It took more than 10 years to implement FABRIC. The film was supported by the Minister of Culture, the Government of the Azores and private donors.

Bermuda Media Method [MMB] Created in 2011 by producer Milton Raposo. MMB has created content for a wide range of clients: Bermuda’s new hospital renovation, reinsurance, travel campaigns, international sports and more. MMB pays special attention to artistic, cultural and historical content.

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Maestro de Braga is the first Portuguese in the National Symphony Orchestra of Cuba.



Maestro de Braga is the first Portuguese in the National Symphony Orchestra of Cuba.

Maestro Filipe Cunha, Artistic Director of the Philharmonic Orchestra of Braga, has been invited to conduct the Cuban National Symphony Orchestra, as announced today.

According to a statement sent by O MINHO, “he will be the first Portuguese conductor to conduct this orchestra in its entire history.”

In addition to this orchestra, the maestro will also work with the Lyceo Mozarteum de la Habana Symphony Orchestra.

The concerts will take place on 4 and 12 March 2023 at the National Theater of Cuba in Havana.

In the words of the maestro, quoted in the statement, “these will be very beautiful concerts with difficult but very complex pieces” and therefore he feels “very motivated”.

From the very beginning, Rachmaninoff’s Piano Concerto No. 2 will be performed by an Italian pianist (Luigi Borzillo), whom the maestro wants to bring to Portugal later this year. In the same concert, Mendelshon’s First Symphony will be performed.

Then, at the second concert, in the company of the Mexican clarinetist Angel Zedillo, he will perform the Louis Sfora Concerto No. 2. In this concert, the maestro also conducts Tchaikovsky’s Fifth Symphony.

“This is an international recognition of my work. An invitation that I accept with humility and great responsibility. I was surprised to learn that I would be the first Portuguese member of the Cuban National Symphony Orchestra. This is a very great honor,” the maestro said in a statement.

“I take with me the name of the city of Braga and Portugal with all the responsibility that goes with it, and I hope to do a good job there, leaving a good image and putting on great concerts. These will be very special concerts because, in addition to performing pieces that I love, especially Rachmaninov and Tchaikovsky, I will be directing two wonderful soloists who are also my friends. It will be very beautiful,” concludes Filipe Cunha.

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