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Stocks Slip Back From Record Highs

Tech stocks dragged indexes down
By Newser Editors and Wire Services
Posted Dec 9, 2020 3:27 PM CST

(Newser) – Stocks closed broadly lower on Wall Street Wednesday, led by weakness in technology companies. The S&P 500 fell 0.8%, easing the benchmark index below the record high it set a day earlier. Health care and communications companies also slipped. Investors have been balancing hopes for approvals and distribution of coronavirus vaccines against a near-term surge in cases and hospitalizations, the AP reports. The Dow Jones Industrial average was down 105.07 points, or 0.35%, at 30,068.81. The S&P 500 shed 29.43 points and closed at 3,672.82. The Nasdaq, which also hit a record high Tuesday, dived 243.82 points, or 1.94%, to 12,338.95.

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A vaccine from Pfizer and German partner BioNTech, which is already in use in the UK, is on track for a positive review and potential approval in the US within the next week. The FDA will also consider a vaccine developed by Moderna later this month. The prospect for a vaccine is giving Wall Street hope that the economy is nearing a more direct path to a full recovery. But there could be more economic damage in store over the next few months and investors are still closely watching Washington for any developments on another shot of stimulus for people, businesses and state governments. Congress is still divided over the size and scope of any new package and the Trump administration has added to the potential plans with a new $916 billion proposal.

(Read more stock market stories.)

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