Stocks closed mostly lower on Wall Street on Monday after an early rally faded, extending the market’s recent pullback from record highs.
Stocks initially headed higher as Americans began receiving the country’s first vaccinations against COVID-19, a process that’s expected to take months. Meanwhile, investors are still waiting to see whether Congress can break a logjam on delivering more aid to people, businesses and local governments affected by the COVID-19 pandemic. They’re also monitoring talks on reaching a trade deal between Britain and the European Union.
Hospital workers are unloading the first batches of a coronavirus vaccine developed by Pfizer and its German partner, BioNTech, after its authorization for emergency use by U.S. regulators. Healthcare workers and nursing home residents will be first in line for vaccinations, and the hope in markets is that a wider rollout next year will help pull the economy back toward normal after its devastation this year.
Alexion Pharmaceuticals soared 29.2% for the biggest gain in the S&P 500. It’s the first trading day for the stock since AstraZeneca said on Saturday that it would buy the company for $39 billion in cash and stock.Of course, the hopes for the economy in the future are tempered by the worsening pandemic in the present. Surging coronavirus counts have forced a downshift to the economy’s momentum, including last week’s worse-than-expected report on joblessness.
Yep - the electoral college was in play.
Higher inflation, higher taxes, bigger govt, greater corruption are just around the corner...
Biden did speak today.
Where did the money evaporate to? America StockMarket
Wall Street is scared about a President Biden.