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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