5/12/2020, 10:00 PM (Source: TeleTrader)
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US markets close in red with Dow 450 pts lower

Stock markets on Wall Street closed lower on Tuesday after the US Treasury Secretary reported on US budget deficit hitting record $738B in April. Also, Federal Reserve (Fed) Vice-Chair Randal Quarles said that he expects the unemployment rate will be extremely high in the near-term. Meanwhile, several Republican senators introduced a bill that would allow US President Donald Trump to impose sanctions on China if it fails to provide information on the origins of coronavirus.

The Dow traded 457 points lower or 1.89% at the closing bell with Exxon Mobil Corp plunging 3.52%. The Nasdaq 100 sank 2.01% as the session ended. Ulta Beauty was the worst performer falling 8.03%. The S&P 500 finished with a loss of 2.05%. Coty Inc tumbled 9.41%.

The euro grew against the dollar by 0.40%, going for $1.08506 at 4:03 pm ET.

Breaking the News / TF