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.
Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.
By Johannes Hellstrom, Bart H.
By Medha Singh and Shivani Kumaresan (Reuters) - Wall Street gained on Friday as Disney and Cisco's upbeat results brought the focus back to corporate earnings at the end of a volatile trading week that saw record surges in coronavirus cases and increased hopes of a working vaccine.
By Sumita Layek (Reuters) - Gold gained as much as 1.1% on Friday as rising global coronavirus infections re-ignited concerns about the economic toll from the pandemic, while scepticism over the reach of a potential COVID-19 vaccine further boosted the safe-haven metal. Spot gold rose 0.8% to $1,890.81 per ounce by 11:33 a.m