Stocks Decline After Reaching Covid Crash High: Markets Wrap

Nasdaq Composite hits record high before turning negative
European stocks gain with sovereign yields; Crude oil drops

Innes Willox, chief executive officer of Australian Industry Group, an association that represents more than 60,000 businesses employing more than 1 million staff in industries such as manufacturing and construction, talks about the country’s second-most populous state’s decision to impose a four-week lockdown across areas of Melbourne, and how the coronavirus outbreak is affecting businesses across the country.Source: Bloomberg

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By Sarah Ponczek and Claire Ballentine

July 12, 2020 at 5:04 PM EDT

Updated on

July 13, 2020 at 4:04 PM EDT

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U.S. stocks declined after the S&P 500 briefly touched the highest level since the coronavirus pandemic sent markets tumbling worldwide in March. Crude oil also turned lower.

The main U.S. equity index stumbled in afternoon trading on signs the virus was throttling reopening plans in states like California. An increase in tensions with China also damaged sentiment. The measures had almost reclaimed a gain for the year before stumbling. It’s still down almost 7% from a Feb. 19 high.

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