Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Wall Street ends lower on worries over Georgia elections, virus surge

Stock MarketsJan 04, 2021 04:30PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
2/2 © Reuters. A Wall St. sign is seen near the NYSE in the financial district in New York 2/2

By Gertrude Chavez-Dreyfuss

NEW YORK (Reuters) -Shares on Wall Street closed sharply lower on Monday, sliding from all-time peaks on the first trading day of the year, as risk appetite ebbed amid upcoming runoff elections in Georgia and the persistent surge in coronavirus cases.

The Dow, which touched a record high earlier in the session along with the S&P 500, was also dragged down by a more than 4% fall in Boeing (NYSE:BA) Co's shares after Bernstein cut its rating to "underperform," citing concerns about cash flow.

All three main indexes hit two-week lows, with record highs in the Dow and S&P 500 extending a 2020 rally fueled by monetary stimulus and the start of vaccine rollouts.

The fate of U.S. President-elect Joe Biden's agenda, meanwhile, including rewriting the tax code, boosting stimulus and infrastructure spending hinges firmly on Tuesday's twin Senate races in the battleground state of Georgia that will determine control of the chamber.

Wall Street's fear gauge touched a two-week high on Monday.

"Stocks are pulling back from a stunning year of gains," said Brian Reynolds, chief market strategist, at Reynolds Strategy.

"We're starting off with a virus out of control. We'll probably going to end 2021 with a virus that could be under control by that time. How we get from start to finish will be filled with frequent pullbacks because people will be looking at short-term headlines," he added.

Total U.S. deaths from COVID-19 have reached more than 350,000.

Almost all S&P sectors dropped with real estate, utilities and industrials posting the sharpest percentage declines. Consumer discretionary and materials hit all-time highs in early trading.

The Dow Jones Industrial Average fell 382.59 points, or 1.25%, to 30,223.89, the S&P 500 lost 55.42 points, or 1.48%, to 3,700.65 and the Nasdaq Composite dropped 189.84 points, or 1.47%, to 12,698.45.

The S&P 500 and the Dow posted their largest daily percentage falls since late October, while the Nasdaq had its biggest loss since Dec. 9.

"Investors are at a point where they want to take a breather while they assess all the different things coming in the new year," said Lindsey Bell, chief investment strategist at Ally Invest, in Charlotte, North Carolina.

On the data front, U.S. manufacturing activity picked up at its briskest pace in more than six years in December, a survey showed on Monday. It comes on the heels of upbeat factory activity surveys across Europe and Asia earlier in the day.

Some investors are cautious about the pace of economic growth as U.S. jobless claims remain stubbornly high, while a new round of pandemic-related restrictions last month and a new variant of the coronavirus have cast a shadow on the outlook.

Tesla (NASDAQ:TSLA) Inc's shares extended a meteoric rally to scale a record high after the electric-car maker reported better-than-expected vehicle deliveries in 2020.

Shares of FLIR Systems Inc (NASDAQ:FLIR) jumped more than 19%after Teledyne Technologies (NYSE:TDY) Inc agreed to buy the thermal imaging camera supplier for $8 billion in cash and stock. Teledyne's shares, however, dropped 7.5%.

Declining issues outnumbered advancing ones on the NYSE by a 2.14-to-1 ratio; on Nasdaq, a 1.43-to-1 ratio favored decliners.

The S&P 500 posted 54 new 52-week highs and no new lows; the Nasdaq Composite recorded 151 new highs and 19 new lows.

Volume on U.S. exchanges hit 14.15 billion shares, compared with the 10.94 billion average for the full session over the last 20 trading days.

Wall Street ends lower on worries over Georgia elections, virus surge
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (19)
perplexed76 .
perplexed76 . Jan 05, 2021 1:45AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
i like the virus. It doesn't give low quality politicians a break. We see that 99% of world leaders are incompetent ******
Andre Viparich
Andre Viparich Jan 04, 2021 10:24PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Babadation
Ali Azari
Ali Azari Jan 04, 2021 5:47PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
nc ing
nc ing Jan 04, 2021 3:00PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
MAX787, a new plane.?
Southern Tiger
Southern Tiger Jan 04, 2021 1:56PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Welcome to the world of the Democratic Party! They want to give everyone else's money except theirs to everyone else.
Robert Nchor
Robert Nchor Jan 04, 2021 1:56PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Lol did the publicans ever give their own money to anyone? Or we should keep giving tax breaks to the wealthy who are laying off the poor people?
Southern Tiger
Southern Tiger Jan 04, 2021 1:55PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Welcome to the world of the Democratic Party! They want to give everyone else's money except theirs to everyone else.
Cali Cartel
Cali Cartel Jan 04, 2021 1:54PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
BTFD
katya litski
katya litski Jan 04, 2021 1:48PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
lol. rolls eyes
Lucas Leonardo
Lucas Leonardo Jan 04, 2021 1:47PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Now is the Time To BUY!
Sun Moon
Sun Moon Jan 04, 2021 1:44PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
So who flipped the coin and chose "Georgia runoff" as the reason for today's decline? And , is it a quarter, or something larger? Isn't it odd that the market seemed to welcome Harris-Biden as president, but is suddenly "nervous" over the Georgia runoff.
Tommy Arencibia
Tommy Arencibia Jan 04, 2021 1:32PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
I guess Reuters got tired of running the same article... “Markets down due to covid cases concerns”. The GA elections seem easier to go with today.
George Roshtein
George Roshtein Jan 04, 2021 1:18PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Yes, there is always a reason for insiders to take profits after milking the top of the bubble for weeks around spy 370. scammers.
Rick Baier
Rick Baier Jan 04, 2021 1:06PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Watch out for poll workers/ cheaters pulling suitcases out from under tables.
Ad Cline
Ad Cline Jan 04, 2021 1:06PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Rick,your right, trump supporters will do anything to destroy democracy so they can install there looser, tin pot would be dictator.
Sun Moon
Sun Moon Jan 04, 2021 1:06PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Ad Cline   Except Harris-Biden beat them to it.
Silence Dogood
Silence Dogood Jan 04, 2021 1:06PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Ad Cline  lmao - nice projection there.. dem fascists are gonna get what they deserve.
Eliott Morst
Eliott Morst Jan 04, 2021 12:47PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
going short helped me to qualify for a funded trading account.....8 more days until I'm done.
Aeron Geronimo
Aeron Geronimo Jan 04, 2021 12:36PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Very nasty to open up the year.
alex gallegos
alex gallegos Jan 04, 2021 12:36PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
But on a positive note gold and silver are up.
Joanna Yin
Joanna Yin Jan 04, 2021 12:36PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
More money in market and more tax on corporation...... great
Jon Bal
Jon Bal Jan 04, 2021 10:50AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
guess we're all out of things to hope for
Me comment
Me comment Jan 04, 2021 9:53AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
so 7 minutes late the markets in the red.
Samui Lo
Samui Lo Jan 04, 2021 8:54AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
A rebound is what lifts you off a bottom how do you "rebound" from ATHs?
Stratus Angelacus
Stratus Angelacus Jan 04, 2021 8:54AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Slam dunk?
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email