Breaking News
Investing Pro 0
Free Webinar - The Role of Psychology in Trading - Thursday, December 8, 2022 | 04:00PM EST Enroll Now

Wall Street closes lower as surging COVID-19 cases offset vaccine hopes

Stock Markets Nov 20, 2020 06:26PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. The New York Stock Exchange is pictured
 
US500
+0.58%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
DJI
+0.57%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
BA
+2.45%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
SPY
+0.59%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
GILD
+1.10%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
PFE
+1.23%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

By Stephen Culp

NEW YORK (Reuters) - U.S. stocks closed lower on Friday as investors wrestled with fiscal stimulus developments, concerns over a lengthy rollout of vaccines, and a growing number of state-level shutdowns to combat the spiraling COVID-19 pandemic.

Stay-at-home plays such as Zoom Video Communications Inc (O:ZM) and Netflix Inc (O:NFLX), which have outperformed throughout the health crisis, helped curb the Nasdaq's loss.

Throughout the week, the ebb and flow of vaccine news and spiking infections had investors oscillating between economically-sensitive cyclical stocks and pandemic-resistant market leaders.

The S&P 500 and the Dow posted marginal losses for the week, while the tech-laden Nasdaq settled a bit higher from last Friday's close.

"Markets are still stuck in a push-and-pull between the dramatic rise of new COVID cases versus apparent progress on vaccines," said David Carter, chief investment officer at Lenox Wealth Advisors in New York. "This is likely to continue until we have an approved and distributed vaccine."

U.S. Treasury Secretary Steven Mnuchin announced late Thursday that he would allow key pandemic-relief lending programs at the Federal Reserve to expire at the end of the year, saying the $455 billion allocated last spring under the CARES act should be returned to Congress to be reallocated as grants for small companies.

The decision to pull the plug on lending programs deemed essential by the central bank comes at a time of spiraling new coronavirus infections and a fresh wave of layoffs, and was called "disappointing" by Chicago Federal Reserve president Charles Evans.

"This dust-up between the Fed and Treasury could have serious implications, as markets want to see the two institutions working well together," Carter added. "The timing of this dust-up is unfortunate, as the risk of COVID is still very much with us."

Record infection numbers have caused COVID hospitalizations to soar by 50% and have prompted a new round of school and businesses closures, curfews and social distancing restrictions, hobbling economic recovery from the deepest recession since the Great Depression.

In the latest development in the race to develop a vaccine, Pfizer Inc (N:PFE) has applied to the U.S. Food and Drug Administration for emergency use authorization of its COVID-19 vaccine, the first application of its kind in the battle against the disease. The drugmaker's shares rose 1.4%, and provided the biggest lift to the S&P 500.

The Dow Jones Industrial Average (DJI) fell 219.75 points, or 0.75%, to 29,263.48, the S&P 500 (SPX) lost 24.33 points, or 0.68%, to 3,557.54 and the Nasdaq Composite (IXIC) dropped 49.74 points, or 0.42%, to 11,854.97.

Of the 11 major sectors in the S&P 500, only utilities (SPLRCU) eked out a gain by closing bell. Tech (SPLRCT) and industrials (SPLRCI) suffered the largest percentage losses on the day.

Stay-at-home beneficiary Zoom provided the biggest lift to the Nasdaq.

Gilead Sciences Inc (O:GILD) shed 0.9% as a World Health Organization panel advised against use of the company's COVID-19 treatment remdesivir, citing lack of evidence the drug improves survival or reduces the need for ventilation.

Declining issues outnumbered advancing ones on the NYSE by a 1.06-to-1 ratio; on Nasdaq, a 1.12-to-1 ratio favored advancers.

The S&P 500 posted 17 new 52-week highs and no new lows; the Nasdaq Composite recorded 122 new highs and 10 new lows.

Volume on U.S. exchanges was 10.69 billion shares, compared with the 10.70 billion average over the last 20 trading days.

Wall Street closes lower as surging COVID-19 cases offset vaccine hopes
 

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 (11)
Kelly Mayer
Kelly Mayer Nov 20, 2020 11:19PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Surging cases? Where are the surging cases in the UAE? Perhaps, South Korean? No? ...Japan? Luxembourg?... China? (oh right, they are hiding the numbers!)... Singapore? ... Australia? They are hiding the numbers aswell there?, New Zealand? Norway?... How bout Greece? ... Finland? Angola or Mozambique? ... I know! Iceland! ...? Maybe?... Thailand perhaps? ... ... NO. Funny how only a selected number of countries are "affected by this... Covid surge". Fun fact: 98% of flu cases just vanished aswell... This data is public.
Thom Miller
Thom Miller Nov 20, 2020 11:19PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Typical uneducated, impoverished Trumper with a girl’s name....
James Bell
James Bell Nov 20, 2020 3:44PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
the real collapse will happen if biden gets his tax increases passed. higher cost of living for everyone and no recovery for years.
Thom Miller
Thom Miller Nov 20, 2020 2:59PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Yes buy into this market now that Landslide Joe is running things...AGAIN!! He propelled the market to record highs from 2009-2017, and he’ll do it....AGAIN!
Wissam Mostafa
Wissam Mostafa Nov 20, 2020 1:19PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
s&p will hit 4000 soon once i see this number will sell it to 2000
Wissam Mostafa
Wissam Mostafa Nov 20, 2020 1:17PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
it will rise to new high believe me people buy it... strong buy
Cassius Makgamatha
Cassius Makgamatha Nov 20, 2020 1:17PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
I'm with you .
perplexed76 .
perplexed76 . Nov 20, 2020 11:40AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Wall street "dips" near zero because only bad news today.
Victor Asturias
Victor Asturias Nov 20, 2020 11:40AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
-140pts atm, not quite near zero.
Keval Gala
Keval Gala Nov 20, 2020 11:34AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
yesterday also I told CHINA will be the world power and USA will come down.. this political stunts and virus will crush USA.. still no lockdown in USA I am really shocked.. if thr are people alive economy will improve slowly n gradually but if people will die with virus what is the use of economy... worst country USA !!
James Bell
James Bell Nov 20, 2020 11:34AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
we now have the worst president biden. he said no nationwide shutdown period!
Louis Lopez
Louis Lopez Nov 20, 2020 11:34AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
If you live in the USA move if you are not happy here. If you dont live here, patriotic Americans dont care about foreigners opinions!
Tommy Arencibia
Tommy Arencibia Nov 20, 2020 11:28AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Always the same bs news from Reuters
TL Chan
TL Chan Nov 20, 2020 9:49AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
no, some tech still chasing up crazy!
perplexed76 .
perplexed76 . Nov 20, 2020 9:43AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
"traders" locked themselves in the bubble and keep angry silence
 
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