Wall Street closes lower as shutdown worries loom
By Stephen Culp NEW YORK (Reuters) - U.S. stocks retreated from record closing highs on Tuesday, ending lower as surging COVID-19 cases, the growing threat of a fresh round of economic lockdowns and weak retail sales data dampened the euphoria caused by potential vaccine breakthroughs.
By Stephen Culp
NEW YORK (Reuters) - U.S. stocks retreated from record closing highs on Tuesday, ending lower as surging COVID-19 cases, the growing threat of a fresh round of economic lockdowns and weak retail sales data dampened the euphoria caused by potential vaccine breakthroughs.
The sell-off was a reversal of Monday's rally, in which the blue-chip Dow reached its first record closing high since before the pandemic.
The Nasdaq's loss was capped by surging Tesla Inc
Monday's rally was prompted by Moderna Inc's
But a recent surge in new coronavirus cases across the United States have led several governors to enact new restrictions to prevent the disease from spiraling out of control.
"It's going to be the vaccine versus the virus, flip-flopping back and forth until we get to the point where the vaccine is rolled out," said Joseph Sroka, chief investment officer at NovaPoint in Atlanta. "It's like standing on the edge of a valley - I can look down and see the rising case loads or I can look across to the vaccine."
The retail sales report released by the Commerce Department showed spending decelerating as the holiday shopping season approaches amid a lack of forthcoming fiscal relief from Washington.
Unofficially, the Dow Jones Industrial Average <.DJI> fell 166.69 points, or 0.56%, to 29,783.75, the S&P 500 <.SPX> lost 17.32 points, or 0.48%, to 3,609.59 and the Nasdaq Composite <.IXIC> dropped 24.79 points, or 0.21%, to 11,899.34.
Third-quarter earnings season is in its final stretch, with 465 of the companies in the S&P 500 having reported. Of those, 84.5% have beaten consensus estimates, according to Refinitiv data.
This week brings quarterly results from series of high-profile retailers.
Home improvement retailer Home Depot Inc
But Kohl's Corp
Shares of Tesla jumped after S&P Dow Jones Indices announced it would add the electric automaker to the S&P 500 on Dec. 21.
(Reporting by Stephen Culp; editing by Tom Brown)
This story has not been edited by Firstpost staff and is generated by auto-feed.
By Robin Emmott and John Irish | BRUSSELS/PARIS BRUSSELS/PARIS France and Germany will agree to a U.S. plan for NATO to take a bigger role in the fight against Islamic militants at a meeting with President Donald Trump on Thursday, but insist the move is purely symbolic, four senior European diplomats said.The decision to allow the North Atlantic Treaty Organization to join the coalition against Islamic State in Syria and Iraq follows weeks of pressure on the two allies, who are wary of NATO confronting Russia in Syria and of alienating Arab countries who see NATO as pushing a pro-Western agenda."NATO as an institution will join the coalition," said one senior diplomat involved in the discussions. "The question is whether this just a symbolic gesture to the United States
BEIJING Chinese President Xi Jinping on Wednesday called for greater efforts to make the country's navy a world class one, strong in operations on, below and above the surface, as it steps up its ability to project power far from its shores.China's navy has taken an increasingly prominent role in recent months, with a rising star admiral taking command, its first aircraft carrier sailing around self-ruled Taiwan and a new aircraft carrier launched last month.With President Donald Trump promising a US shipbuilding spree and unnerving Beijing with his unpredictable approach on hot button issues including Taiwan and the South and East China Seas, China is pushing to narrow the gap with the U.S. Navy.Inspecting navy headquarters, Xi said the navy should "aim for the top ranks in the world", the Defence Ministry said in a statement about his visit."Building a strong and modern navy is an important mark of a top ranking global military," the ministry paraphrased Xi as saying.