4 Apr 2020

Stock market drops reflect toll of Covid-19 on economy

3:35 pm on 4 April 2020

Global stock markets sank at the end of the week with more signs that the Covid-19 pandemic will take a massive toll on economic growth.

Stock / market generic.

File photo. Photo: 123RF

United States labour market data shows 701,000 jobs were lost last month, ending a record 113 months of job growth.

That is much worse than market expectations for the loss of 100,000 jobs.

At the close of trading on Wall Street, the Dow Jones Industrial Average fell 1.7 percent, and the S&P 500 and Nasdaq Composite were down 1.5 percent.

The New Zealand NZX Top 50 Index ended on a more positive note -- up 0.7 percent, by 65 points to 9,935 on Friday.

The New Zealand dollar ended down at 58.7 US cents and 97.8 Aussie.

Also on a brighter note, OPEC and its allies are working on a deal for an unprecedented cut to oil production in an effort end the glut of oil.

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