Markets Sag Despite COVID Vaccine Rollout

'To a large degree, we're in a wait-and-see mode'
By Newser Editors and Wire Services
Posted Dec 14, 2020 3:45 PM CST
Markets Sag Despite COVID Vaccine Rollout
In this photo provided by the New York Stock Exchange, traders Ashley Lara, left, and Phyllis Arena Woods work on the trading floor, Monday, Dec. 14, 2020.   (Nicole Pereira/New York Stock Exchange via AP)

Stocks ended mostly lower on Wall Street Monday after an early rally evaporated. In the US, investors are waiting to see if Congress can break a logjam on delivering more aid to people, businesses and local governments affected by the coronavirus pandemic, while in Europe talks continue on trying to reach a trade deal between Britain and the European Union, the AP reports. The S&P 500 slipped 0.44%, to 3,647.49. It was up as much as 0.9% earlier. The index is coming off its worst weekly performance since Halloween, and extended its losing streak to four consecutive trading days. The Dow Jones Industrial Average dropped 184.82 points, or 0.62%, to 29,861.55. The Nasdaq rose 62.17 points, or 0.50%, to 12,440.04.

"To a large degree, we’re in a wait-and-see mode," says Terry Sandven, chief equity strategist at US Bank Wealth Management. "The good news is the vaccine is being distributed, which suggests we’re on the road to recovery." Hospital workers are unloading the first batches of a coronavirus vaccine developed by Pfizer and its German partner, BioNTech, following its approval for emergency use by US regulators. Health care 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 following its devastation this year.

(More stock market stories.)

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