Stock Market Disaster May-1st-2020

• The Dow Jones Industrial Average US:DJIA sank 622 points, or 2.6%, to close at 23,723.69. The index is now down 19.7% from its closing high Feb. 12, but up 27.6% from its 2020 closing low set March 23. (All figures in this article exclude dividends.)

• The S&P 500 Index US:SPX was down 2.8% and ended 16.4% below its record closing level set Feb. 19, and was 26.5% above its 2020 closing low set March 23.

• The Nasdaq Composite Index US:COMP was worst of the three Friday with a 3.2% slide, ending 12.3% below its record closing high Feb. 19, but up 25.4% from its 2020 closing low set March 23.

The Institute for Supply Management said its manufacturing index fell during April to 41.5% from 49.1% in March. The April level was the lowest since April 2009. Any reading below 50% indicates contraction of the manufacturing sector.

Amazon.com US:AMZN had been a market leader during the COVID-19 lockdown, but its shares fell 8% after CEO Jeff Bezos told shareholders Thursday after the market closed that they “may want to take a seat” because of plans to spend its entire second-quarter operating profit.