Wall Street saw losses for the second straight day Tuesday as momentum slows on worries about rising virus counts and Washington’s inability to deliver more aid to the economy.
The Standard & Poor’s 500 index fell 0.3% after spending much of the day swinging between small gains and losses. Most of the stocks in the index fell, particularly banks, oil producers and other companies whose profits tend to track the strength of the economy. Those losses outweighed gains in technology stocks and companies that rely on consumer spending. Traders also welcomed news that AMD has agreed to buy fellow chipmaker Xilinx for $35 billion.
The market’s latest pullback, which follows the S&P 500’s worst day in a month, cuts further into what had been a solid rebound this month after heavy selling in September snapped a five-month winning streak. Just two weeks ago, the S&P 500 was holding on to a 4.4% gain for the month. It’s now on track for a gain of just 0.8%.
The S&P 500 fell 10.29 points to 3,390.68. The Dow Jones industrial average lost 222.19 points, or 0.8%, to 27,463.19. The Nasdaq composite rose 72.41 points, or 0.6%, to 11,431.35.Caution continues to hang over markets. Coronavirus counts keep climbing at a troubling rate across much of the United States and Europe.
The U.S. economy’s momentum already has slowed after the expiration of supplemental benefits for laid-off workers and other support that Congress approved for the economy earlier this year.
coronavirus cases will “rise” even higher since TuckerCarlson put JoeBiden in the TonyBobulinski frying pan tonight. JoeBiden lied about China and is lying about COVID19.
It's due to the stimulus check. And the presidential election.
Highly recommend following TheNAJournal if you want legit non-partisan journalism.
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