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Dow Slumps 157 Points Amid Vaccine Worries

Wall Street's 4-day rally is over
By Newser Editors and Wire Services
Posted Oct 13, 2020 3:46 PM CDT

(Newser) – Banks and technology companies led a broad slide for stocks on Wall Street Tuesday, snapping the market's four-day winning streak. The S&P 500 lost 0.6%, giving back some of its gains from a day earlier. The pullback in stocks comes as many forces are pushing and pulling on markets simultaneously. Coronavirus counts are rising at a worrying degree in many countries around the world, and Johnson & Johnson said late Monday it had to temporarily pause a late-stage study of a potential COVID-19 vaccine "due to an unexplained illness in a study participant." The S&P 500 fell 22.29 points to 3,511.93. The Dow Jones Industrial Average dropped 157.71 points, or 0.6%, to 28,679.81. The Nasdaq composite gave up an early gain, slipping 12.36 points, or 0.1%, to 11,863.90.

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Tuesday's market slide came as the third-quarter earnings reporting season got underway, the AP reports. Investors will be looking for some measure of clarity over the next several weeks as CEOs line up to report how their companies fared during the summer. Several companies kicked the season off on Tuesday with better-than-expected reports. JPMorgan Chase, Johnson & Johnson, Citigroup and BlackRock all reported stronger results for the summer than analysts had forecast. Johnson & Johnson dropped 2.3% and Eli Lilly fell 2.9%.Delta Air Lines reported a worse loss than Wall Street had forecast, as the pandemic keeps many fliers grounded, and its shares slid 2.7%.Other airlines and travel-related companies were also weak, and Royal Caribbean dropped 13.2% for the biggest loss in the S&P 500.

(Read more stock market stories.)

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