Wall St. plunged as pandemic resurgence offset vaccine hopes

by   |  VIEW 1858

Wall St. plunged as pandemic resurgence offset vaccine hopes

On Friday, all three key indices of Wall St. had rounded off the session sharply lower with trade-sensitive Dow Jones Industrial Average leading the tally of the losses, as a relatively thin-trading session on Friday had witnessed a withering profit-taking sell-offs as concerns were mounting over the time-consuming rollouts of a potential pandemic vaccine, while a growing grudge regarding a renewed pandemic restriction measures adopted by a number of US cities had casted fresh doubts on investors’ belief over the recovery of a frail US economy which had entered into a technical recession back in February this year.

In point of fact, it had been a slandering spike in pandemic cases across the United States which acted as a major market mover on Friday’s market, while a number of tech stocks which had been benefitting from the pandemic-led restriction such as Netflix Inc.

and Zoom Communication Inc. had helped Nasdaq to wind down the day modestly higher from its session lows. On top of that, an upbeat Nasdaq debut of Sotera Health alongside San Diego-based Pfizer supplier Maravai Lifesciences had helped curbed Nasdaq’s losses.

In tandem, a growing concern over Trump Administration’s last-ditch attempt to coup against the state alongside a number of vengeful attempts to make it harder for the President-elect Joe Biden to overhaul a swathe of tormented trade ties, had added to further woes.

Wall St. ebbs off as pandemic cases soar

Citing statistics, on Friday’s Wall St. round off, the trade-sensitive Dow shrugged off 0.75 per cent to 29,263.48 and the benchmark S&P 500 shed 0.68 per cent to 3,557.54, while the tech-heavy Nasdaq took a header of 0.42 per cent to wind down the day at 11,854.97.

Meanwhile, citing that the markets would likely to remain tumultuous until an approval and a mass-scale distribution of a potential pandemic vaccine, a Chief Investment Officer at Lenox Wealth Advisors in New York, David Carter said, “Markets are still stuck in a push-and-pull between the dramatic rise of new COVID cases versus apparent progress on vaccines. This is likely to continue until we have an approved and distributed vaccine.