Search ForexCrunch
  • The Dow Jones Industrial Average lost 200.94 points, or 0.67%.
  • The S&P 500 fell 7.66 points, or 0.21% and the Nasdaq Composite dropped 65.40 points, or 0.51%.
  • COVID angst weighing on holiday season stock markets. 

US benchmarks were overwhelmed by the risk-off tones pertaining to the variant covid headlines this week and have been unable to recover on Tuesday, despite Washington’s passage of a long-awaited pandemic relief bill.

There was the opinion that fiscal stimulus had already been baked in, although there were signs revealed today that observers considered the package underwhelming.

Congress passed a pandemic relief package worth $892 billion after months of partisan negotiations. 

The covid resurgence, however, continues to swell, infecting 214,000 Americans every day, prompting mandatory shutdowns and pushing hospitals to capacity and leading many to call for more, including the president-elect, Joe Biden.

The Dow Jones Industrial Average lost 200.94 points, or 0.67%, to 30,015.51, the S&P 500 fell 7.66 points, or 0.21%, to 3,687.26 and the Nasdaq Composite dropped 65.40 points, or 0.51%, to 12,807.92.   

US Treasury yields also fell in a risk-off session as investors feared the ramification of stricter and prolonged lockdowns in response to the new COVID-19 strain.

In other points, the Dow also closed lower, while Apple Inc AAPL helped push the tech-heavy Nasdaq’s to an all-time closing high.

Apple was an outlier amid a broad sell-off, gaining 2.8% and providing the biggest lift to the S&P 500 and the Nasdaq on news of the company’s plans to roll out an electric passenger vehicle by 2024.

Small caps advanced, with the Russell 2000 RUT also ending at a record level.