US: Stocks end mostly down on valuation worries, Dow -0.7%

The Dow and S&P 500 both fell on Wednesday as markets monitored increased coronavirus cases amid worries US stocks are overvalued.[NEW YORK] The Dow and S&P 500 both fell on Wednesday as markets monitored increased coronavirus cases amid worries US stocks are overvalued.The broad-based S&P 500 lost 0.4 per cent at 3,113.49, while the tech-rich Nasdaq Composite Index added 0.2 per cent at 9,910.53.

The lackluster session came after Tuesday's rally in which major indices gained around two per cent following surprisingly good retail sales data and a positive clinical study of a coronavirus treatment. But investors have become skeptical of the market's buoyancy, weighing a still-weak economic picture against continued pledges for additional support from the Federal Reserve that are reassuring but also underscore the vulnerability of the economy, said Briefing.com analyst Patrick O'Hare.

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