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ASX finishes 1.70 per cent lower in Tuesday slide

Lucy Dean
·2-min read
Coronavirus in the USA. Quarantine
Wall Street plunged overnight. Image: Getty

The benchmark S&P/ASX200 (^AXJO) finished 1.70 per cent lower to 6,051.00 points, while the All Ordinaries index (^AORD) also closed down 1.73 per cent to 6,247.20.

Corporate Travel Management took a heavy beating, down 7.33 per cent, while Deterra Royalties fell 5.58 per cent.

Virgin Money lifted 2.70 per cent, while Bendigo and Adelaide Bank picked up 2.25 per cent.

What happened at midday?

The ASX200 was 1.51 per cent lower in lunchtime trade, down to 6,062.50 points, while the All Ordinaries was also struggling: down 1.56 per cent.

Zip Co and Super Retail Group were amongst the worst performers on Tuesday, down around 5 per cent each, while Blackmores was trading 3.46 per cent higher.

What happened this morning?

The Australian share market shed around $16 billion in Tuesday morning trade after a sharp uptick in US coronavirus cases triggered a landslide on Wall Street overnight.

The ASX200 was down 0.84 per cent to 6,103.80 points at 10:25am AEDT, while the broader All Ordinaries was 0.88 per cent lower at 6,301.30 points.

What happened overnight?

US stocks tumbled overnight as the S&P 500 marked its biggest slump in four weeks.

The Dow Jones Industrial Average fell 647.1 points, or 2.28 per cent, to 27,688.47, the S&P 500 lost 64.15 points, or 1.85 per cent, to 3,401.24 and the Nasdaq Composite dropped 189.35 points, or 1.64 per cent, to 11,358.94.

This performance came as the US watched coronavirus cases soar again, while the fiscal stimulus bill remains locked in discussions.

The US marked its biggest daily increase in Covid-19 cases on Monday, while the inability of the Republicans and Democrats to agree on the stimulus package keeps nervous investors on the sidelines.

With AAP.