Wall Street closes lower as shutdown worries overshadow vaccine hopes
By Stephen Culp NEW YORK (Reuters) - U.S. stocks lost substantial ground at the close of a see-saw session on Wednesday as investors weighed encouraging vaccine developments against surging COVID-19 infections and lockdowns
By Stephen Culp
NEW YORK (Reuters) - U.S. stocks lost substantial ground at the close of a see-saw session on Wednesday as investors weighed encouraging vaccine developments against surging COVID-19 infections and lockdowns.
While all three major U.S. stock indexes closed in the red, surging Tesla Inc
"It's a confused market because portfolio managers don't know which time period to focus on," said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York. "It's this trade-off between the near term over the six to nine months of continued spread of the virus and the period after that when everyone's vaccinated and the virus is eradicated."
"There's a lot of issues out there but the decided bias has been toward value and cyclicals," Ghriskey added.
Market participants have been greeting vaccine developments with guarded optimism as global new infections soar to record levels, raising the possibility of increased restrictions as the economy struggles to recover from recession. The United States remains the country worst affected by the pandemic.
Unofficially, the Dow Jones Industrial Average <.DJI> fell 345.91 points, or 1.16%, to 29,437.44, the S&P 500 <.SPX> lost 41.81 points, or 1.16%, to 3,567.72 and the Nasdaq Composite <.IXIC> dropped 97.74 points, or 0.82%, to 11,801.60.
Third-quarter reporting season has reached the final inning, with 468 of the companies in the S&P 500 having reported. Of those, 84.4% have surprised consensus to the upside, according to Refinitiv.
Shares of Target Corp
Lowe's Companies Inc
(Reporting by Stephen Culp; Editing by Tom Brown)
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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.