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
Markets Feel Impact of Bad News on Vaccine
In this photo provided by the New York Stock Exchange, specialist Meric Greenbaum works at his post on the trading floor, Tuesday April 13, 2021.   (Nicole Pereira/New York Stock Exchange via AP)

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.

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%.

(More stock market stories.)

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