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The Bank Sell-Off On Wall Street Due To Current Pandemic Situations

ByMike Paul

May 5, 2021

Everyone already knows about the pandemic and how much the COVID-19 has affected every household, business, and corporation. Humans are dying, and the businesses are falling, and with that, the bank sell-off on Wall Street struck the news with a shock. Yes, you read that right. After the first coronavirus wave that hit the world, the second wave makes the situation worse. What’s more? The pandemic has overshadowed the stock markets, and there, the tech companies are trying to back up.

More About It

You might be shocked to hear that the banks have sold out their shares, and the share of the tech giant Apple has fallen by 1.3%. Even the Bank Of America dropped by 2.8%, and Citigroup fell by a stunning 3.2%. The situation has already worsened for the other tech companies where the Nasdaq slid by 0.9%. According to the researchers and analysts, the whole year would witness some gains and lows in the market, where the lows might be a bit severe.

The Other Markets

The crude oil market of the United States Of America slid by 51 cents already, and the US dollar value decreased by 107.95 yen of Japan. While the shares in such companies fell, other companies like video streaming companies like Netflix gained an advantage by 10% already. Yes, you read that right. So, now you can understand or imagine the scenario the market is stuck in. The pandemic is surely a bane for everyone, but some companies are surely gaining out of it, and the investors are shifting to such companies. Why wouldn’t they?

Things You Need To Know

The Asian shares slide after tech, exactly after Wall street skidded. You might be shocked to know that the S&P 500 has back 0.7% that lowered the share index. It barely could make it all out of the crisis as the pandemic is roaring high. Even the Nikkei In Tokyo gave up around 2.5% out of the crisis. Even the Kospi in Hong Kong declined by 1.8%. Apart from all of these, even the other Asian countries like India and Thailand are suffering rebound from the second wave of the pandemic situation. The prices of fuel and oil have risen by a great amount, and it looks like the situation is hopeless for now. The situation in these countries has worsened, affecting traveling, which affects the oil and fuel prices.

The dark clouds won’t hover forever, and so, the downs in the shares would be doubled after few months. So, you could say that the investors and shareholders are waiting for the right time to plunge back on their feet, and it is not far away that things would be in normal situations again or better than before.

Overall, you could now analyze it yourself that the markets are going down due to the current pandemic situations but things would be better off in no time. So, what is your take on it?

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