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U.S. stocks closed lower on Friday as investors grappled with fiscal stimulus developments, concerns over a long vaccine rollout and a growing number of state-level closures to tackle the spiraling COVID-pandemic 19.
Home theater plays such as Zoom Communications Inc and Netflix Inc, which outperformed throughout the health crisis, helped curb the loss of the Nasdaq.
Throughout the week, the ebb and flow of vaccine news and spikes in infections swayed investors between economically sensitive cyclical stocks and market leaders resilient to the pandemic.
The S&P 500 and Dow Jones posted marginal losses for the week, while the tech-laden Nasdaq stabilized a little higher from last Friday’s close.
“Markets are still stuck in a back and forth between the dramatic rise in new cases of COVID and the apparent progress on vaccines,” said David Carter, chief investment officer at Lenox Wealth Advisors in New York City. “This will likely continue until we have a vaccine approved and distributed.”
US Treasury Secretary Steven Mnuchin announced Thursday evening that he would allow major pandemic relief loan programs to the Federal Reserve to expire at the end of the year, saying the $ 455 billion ( $ 622 billion) allocated last spring under the CARES Act is expected to be returned to Congress to be reallocated as grants for small businesses.
The decision to end lending programs deemed essential by the central bank comes at a time when new coronavirus infections and a new wave of layoffs are on the rise and has been called “disappointing” by the Chairman of the Federal Reserve. Chicago, Charles Evans.
“This dust between the Fed and the Treasury could have serious implications, as markets want to see the two institutions work well together,” Carter added. “The timing for this dust is unfortunate, because the risk of COVID is still very present.”
The record number of infections has led to a 50% increase in COVID-related hospitalizations and a new wave of school and business closures, curfews and social distancing restrictions, hampering the country’s economic recovery. deep recession since the Great Depression.
As part of the latest development in the race to develop a vaccine, Pfizer Inc has applied to the US Food and Drug Administration for emergency use authorization for its COVID-19 vaccine, the first application of its kind in the fight against disease.
Unofficially, the Dow Jones Industrial Average fell 219.95 points, or 0.75%, to 29,263.28, the S&P 500 lost 24.22 points, or 0.68%, to 3,557.65 and the Nasdaq Composite fell 49.74 points, or 0.42%, to 11,854.97.
Zoom Video Communications Inc, beneficiary at the home, supplied the largest lift to the Nasdaq.
Gilead Sciences Inc lost ground after a World Health Organization panel advised against the company’s use of the company’s COVID-19 treatment remdesivir, citing the lack of evidence that the drug improves survival or reduces disease. need ventilation.