Friday, 03 July 2020
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S&P 500, Dow Dip as Buffett Dumps Airlines, China Tensions Flare

The S&P 500 and Dow Jones dropped for the third session on Monday following a U.S.-China spat about the origins of the coronavirus outbreak, while major carriers slumped after billionaire Warren Buffett's Berkshire Hathaway dumped its stakes in the sector.

Delta Air Lines Inc (DAL.N), American Airlines Group Inc (AAL.O), Southwest Airlines Co (LUV.N) and United Airlines Holdings Inc (UAL.O) fell between 7.5% and 10%, after Buffett told reporters of the move over the weekend, saying "the world has changed for the industry.

Berkshire's (BRKa.N) announcement also shaved more than 3.3% off planemaker Boeing Co's (BA.N) shares. The S&P 1500 airlines sub-index plunged 8% and was on track for its worst day in more than a month. Berkshire itself posted a record loss of nearly $50 billion, sending its shares down 3% and weighing heavily on the financials sector.

At 11:21 a.m. ET the Dow Jones Industrial Average was down 207.46 points, or 0.87%, at 23,516.23, and the S&P 500 was down 11.45 points, or 0.40%, at 2,819.26. However, the Nasdaq Composite was up 35.66 points, or 0.41%, at 8,640.61, with heavyweights Microsoft Corp (MSFT.O) and Amazon.com Inc (AMZN.O), seen less disrupted by the pandemic, leading the advance.

Source : Reuters

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