Dow falls more than 300 points for a second day of losses as rally to records pauses; European markets close higher with vaccine rally, virus spread in focus; BELEX15 up 0.25%
U.S. stocks fell for a second straight day on Wednesday as the market’s recent rally to new records took a pause. The Dow Jones Industrial Average dropped 344.93 points, or 1.2%, to 29,438.42 in a volatile session, after rising as much as 147 points at its session high. The S&P 500 slid 1.2%, or 41.74 points, to 3,567.79, while the tech-heavy Nasdaq Composite fell 0.8%, or 97.74 points, to 11,801.60. The major averages finished the day near their session lows.
The worsening pandemic that brought on new restrictions overshadowed positive developments on the coronavirus vaccine front.
Dow-member Boeing jumped as much as 4% at one point as the Federal Aviation Administration lifted its ban on Boeing’s 737 Max after a 20-month grounding following two deadly crashes. The stock finished the day more than 3% lower, however.
Meanwhile, Target shares rose about 2% after the retailer’s third quarter earnings topped estimates because of booming digital sales.
Nvidia beat analyst expectations on both earnings and revenue in its fiscal fourth quarter, but the stock dropped more than 3% in extended trading after the company said that revenue from its data center segment would decline sequentially in the current quarter.
European stocks closed higher on Wednesday as investors weigh up positive coronavirus vaccine announcements and the ongoing spread of the virus. The pan-European Stoxx 600 closed up over 0.4%, with autos stocks climbing 1.3% to lead gains as most sectors and major bourses inched into positive territory following a muted morning’s trade.
Gaming company Ubisoft jumped 2% on the back of an upbeat sales update for its new Assassin’s Creed Valhalla game.
Maersk, the world’s largest container shipping firm, matched third-quarter profit expectations on Wednesday amid a stronger-than-expected pickup in demand. The company’s shares edged nearly 1% lower.
BELEX15 was up 0.25% as NIS advanced 1%, while Belgrade Airport added 0.43%. NIS was the most active name at the same time as it generated RSD 3.1m in volume.
Source: CNBC, Ilirika