May 12, 2020

Here’s what happened to the stock market on Tuesday


Dow Jones Industrial Average falls 457 points

The Dow fell 457.21 points, or 1.89%, to 23,764.78. The S&P 500 dipped 2.05% to close at 2,870.12 The Nasdaq Composite slid 2.06% to 9,002.55. Wall Street fell as investors weighed the latest efforts to reopen the economy.

Fauci: Coronavirus vaccine still a ways off

Dr. Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases, and other health officials testified before the Senate Health Committee to discuss reopening the economy. Fauci noted a vaccine will be essential in stopping the coronavirus spread, but warned it will be a while before a usable one is available.

Apple rises for 7th day, real estate takes big hit

Apple shares posted a seven-day winning streak, rising 1.14% on the day. The S&P 500 real estate sector fell 4.15%, led by a 7% decline in SL Green Realty.

What happens next?

Weekly mortgage applications are scheduled for release Wednesday. Federal Reserve Chairman Jerome Powell is also set to speak.


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