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Markets Feel Impact of Bad News on Vaccine

Moderna jumped 6.8% after regulators recommended pause on rival vaccine
By Newser Editors and Wire Services
Posted Apr 13, 2021 3:37 PM CDT

(Newser) – Stocks closed mixed on Wall Street Tuesday as gains from a handful of Big Tech companies were tempered by weakness elsewhere in the market. Treasury yields fell, which hurt banks but helped tech companies, the AP reports. The S&P 500 rose 0.3%, notching another record high. Among major tech stocks, Apple gained 2.4% and Amazon rose 1.1%. The yield on the 10-year Treasury note fell to 1.62%. The S&P 500 rose 13.60 points to 4,141.59. The Dow Jones Industrial Average fell 68.13 points, or 0.2%, to 33,677.27. The Nasdaq rose 146.10 points, or 1.1%, to 13,996.10. Traders in cryptocurrencies pushed up the price of Bitcoin above $63,000 for the first time Tuesday.

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Dow component Johnson & Johnson fell 1.5% after US regulators recommended a pause in using its single-dose COVID-19 vaccine to investigate reports of possibly dangerous blood clots. Moderna, which also makes a COVID-19 vaccine, rose 6.8%. The potential loss of a vaccine option is casting a shadow over many companies that are relying on ramped up distribution to recover from the pandemic. American Airlines slipped 2.2% and Delta Air Lines fell 1.6%. A broad mix of retailers and travel-related companies like hotels were also weighed down. Investors had little reaction to a report that showed US consumer prices increased a sharp 0.6% in March, the most since 2012, while inflation over the past year rose a sizable 2.6%.

(Read more stock market stories.)

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