U.S. stocks slipped on the first trading day of the year, dragged down by losses across everything from manufacturers to beverage makers.
The Dow Jones Industrial Average was last down 645 points, or 2.1%, to 29973. The S&P 500 fell 2%, and the Nasdaq Composite was down 1.8%. Investors are starting off the new year fixated on the same issue that dominated markets for much of 2020: the coronavirus pandemic. Although money managers acknowledge the pandemic is far from over, many are holding out hope that economic activity will be able to pick up later this year.,” said Fahad Kamal, chief investment officer at Kleinwort Hambros.
Still, analysts warn that in the near-term, many companies still look vulnerable to financial pressures.
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