Weekly NASDAQ Composite index performance 2020

The Nasdaq Composite index fell by approximately 2,400 points in the four weeks from February 12 to March 11, 2020. The slump continued when the index recorded a daily drop of 750.25 points to close at 7201.80 points on March 12, 2020.

Coronavirus concerns escalate

The World Health Organization declared the coronavirus outbreak as a global pandemic in March 2020, setting the Dow Jones Industrial Average, the S&P 500, and other market indexes up for significant losses. With the stock markets destabilized, traders opted to sell their shares and were prepared to wait before investing in stocks again. Investors would have felt more confident if there were signs that the virus was being contained, but the number of cases continued to rise.

Uncertain future for many U.S. industries

The COVID-19 pandemic struck fear into the heart of the U.S. markets – plummeting stock prices forced trading to be suspended twice on March 12, 2020. Stock markets can be used to indicate the strength of companies, industries, and the domestic economy overall. The travel, tourism, and hospitality industries have been some of the hardest hit by the coronavirus, raising concerns about an increase in unemployment due to layoffs. In the construction industry, the virus disrupted supply chains worldwide, and many companies were forced to halt production due to quarantine measures.

Weekly development of the NASDAQ Composite index from January 2020 to August 2020

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Source

Release date

August 2020

Region

United States

Survey time period

January 1 to August 5, 2020

Special properties

end of week closing values

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