Wall Street Closed Low As Covid Fears Returned

Investors regained caution in the face of a sharp increase in the number of coronavirus cases in the United States, where infections and hospitalizations now surpass the rates of the first wave last spring, the New York Stock Exchange consolidated on Thursday.

Despite the excitement created by Pfizer and BioNTech’s announcement on Monday of a 90 percent effective vaccine, the return to normal life could take some time, many observers warn. Profit-taking on cyclical values continued on Thursday, while the so-called ‘sit at home’ stocks, which gained from the anti-Covid-19 steps, held up better.

At the close, after rebounding more than 10 percent in a few days, taking it to its last all-time high of 29,551 points in February on Tuesday, the Dow Jones index dropped 1.08 percent to 29,080 points. The S&P 500’s large index gave up 1% to 3,537 points, and the Nasdaq Composite, which is rich in technology and biotech stocks, fell 0.65% to 11,709 points.

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However, the consumer price index in the United States was steady in October against a market expectation of 0.2 percent and CPI for non-food and energy is unchanged from the previous month.

After the announcement of a sharp rise in U.S. crude inventories, oil ended in dispersed order, while gold increased 0.6 percent. Against a basket of benchmark currencies, the dollar index gave up 0.08 per cent to 92.97 levels. In the U.S. bond markets, the 10-year T-Bond yield fell 8 basis points to 0.90 percent in the face of renewed worries about the economic recovery.

The death toll in the United States has now surpassing 242,000 and the pandemic has now infected more than 10 million individuals. The number of hospitalizations has now exceeded the rate of last spring. In at least 17 of the 50 U.S. states, hospitals are under pressure because of their limited capacity in the face of rising number of Covid cases.

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