Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Wall Street ends lower on stimulus uncertainty, Facebook weighs

Stock Markets Dec 09, 2020 04:25PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. FILE PHOTO: The front facade of the NYSE is ssen in New York

By Chuck Mikolajczak

NEW YORK (Reuters) -U.S. stocks closed lower on Wednesday, retreating from record levels as investors grew discouraged over the halting progress of economic stimulus talks, while a drop in Facebook (NASDAQ:FB) shares provided an additional drag.

Investors are banking on a long-awaited relief package to help buttress an economy battered from the COVID-19 pandemic and related lockdowns that has led to millions of layoffs and overwhelmed the healthcare system.

U.S. Senate Majority Leader Mitch McConnell said lawmakers were still looking for a path toward an agreement on COVID-19 aid, as the U.S. House of Representatives prepared to vote on a one-week funding bill to provide more time for a deal.

"We have been in a significant tug-of-war between vaccine news and virus news, and the vaccine news has won," said Art Hogan, chief market strategist at National Securities in New York.

"The tie-breaker in that tug of war has certainly been the potential for stimulus getting out of this Congress before they head home for the holiday," he added.

Unofficially, the Dow Jones Industrial Average fell 90.88 points, or 0.3%, to 30,083, the S&P 500 lost 26.95 points, or 0.73%, to 3,675.3 and the Nasdaq Composite dropped 237.68 points, or 1.89%, to 12,345.10.

Positive updates on the COVID-19 vaccine development along with hopes for a fresh fiscal stimulus package have helped fuel a rise in Wall Street's main indexes to all-time highs, with the S&P 500 surpassing 3,700 points for the first time on Tuesday.

Facebook shares extended declines late in the session after the U.S. Federal Trade Commission and nearly every U.S. state sued the social media company on Wednesday, saying that it broke antitrust law and should potentially be broken up. The news weighed on other mega cap names such as Alphabet (NASDAQ:GOOGL) and sent the NYSE FANG+ ETF down about 2%.

With overall valuations now at extremely high levels, some investors worry stocks could be more vulnerable to any bad news such as unexpected setbacks in the roll-out of coronavirus vaccines or delays in stimulus.

Two allergic reactions were reported on the first day of the rollout of the Pfizer (NYSE:PFE) COVID-19 vaccine, the head of Britain's medicine regulator said on Wednesday.

DoorDash Inc opened at $182 after pricing at $102 per share in its debut on Wednesday after the food delivery startup raised $3.37 billion in one of the biggest U.S. stock market launches so far in 2020.

Home improvement chain Lowe's (NYSE:LOW) Cos Inc jumped after announcing a new $15 billion share repurchase plan.

Drugmaker Eli Lilly (NYSE:LLY) climbed after flagging positive data from a late-stage clinical trial for its experimental drug designed to treat type 2 diabetes.[nL4N2IP3AS]

Wall Street ends lower on stimulus uncertainty, Facebook weighs
 

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 (29)
Daniel Lu
Daniel Lu Dec 09, 2020 3:56PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Stimulus isn’t a BS topic or haunted like ghost, lol
Peter Vardjan
Peter Vardjan Dec 09, 2020 2:37PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
https://www.rt.com/usa/509081-pfizer-vaccine-fda-bells-palsy-covid/
fu billie
fu billie Dec 09, 2020 2:20PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Writer probably got his or her all time high from strong stuff while market is in deep red
Squarefeet Exhibition
Squarefeet Exhibition Dec 09, 2020 2:16PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
atleast 15% Down should be there to come to reality
Squarefeet Exhibition
Squarefeet Exhibition Dec 09, 2020 2:15PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
atleast 15% Down should be there to come to reality
Green Mango
Green Mango Dec 09, 2020 2:14PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
The reality of sketchy vaccines is slowly being leaked to the public, despite Google's best efforts to censor
Leon Kelly
Leon Kelly Dec 09, 2020 2:04PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Man .. TSLA has been begging for a short. thanks Congress!
fu billie
fu billie Dec 09, 2020 2:01PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
lol all in red and article saying all time high.
Blunder Buss
Blunder Buss Dec 09, 2020 1:28PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
all time high? are you blind?, look at it even just stimulus talks make it worse!, nasdaq get and s&p 500 getting clapped hard
ishak ahmad
ishak ahmad Dec 09, 2020 1:26PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Stimulus as+es always,, full of S ,,, always crash boom bang while waiting for Stimulus Sheet
 
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
Continue with Google
or
Sign up with Email