Fri, 04 Dec 2020

U.S. stocks drop amid coronavirus fears

Xinhua
21 Nov 2020, 08:18 GMT+10

NEW YORK, Nov. 20 (Xinhua) -- U.S. stocks slipped on Friday as investors grew concerned over the nation's soaring COVID-19 infections.

The Dow Jones Industrial Average fell 219.75 points, or 0.75 percent, to end at 29,263.48. The S&P 500 decreased 24.33 points, or 0.68 percent, to 3,557.54. The Nasdaq Composite Index was down 49.74 points, or 0.42 percent, to 11,854.97.

Ten of the 11 primary S&P 500 sectors pulled back, with technology down 1.05 percent, leading the laggards. Utilities rose 0.05 percent, the lone gaining group.

U.S.-listed Chinese companies traded mostly higher, with six of the top 10 stocks by weight in the S&P U.S. Listed China 50 index ending the day on an upbeat note.

Investors were worried that a continued spike in U.S. coronavirus cases could threaten the economic recovery.

The United States logged a record of 187,833 new cases on Thursday, pushing the national seven-day average of daily new infections to 165,029, about 24 percent higher than a week ago, according to a CNBC analysis of data compiled by Johns Hopkins University.

The country has reported more than 11.8 million cases in total with the death toll from the disease exceeding 253,000 as of Friday afternoon.

Wall Street also focused on a disagreement between the U.S. Treasury Department and the Federal Reserve over the continuation of funding for some of the emergency programs established during the early days of the coronavirus crisis.

U.S. Treasury Secretary Steven Mnuchin on Thursday asked the Federal Reserve to end five emergency COVID-19 lending facilities and return 455 billion U.S. dollars of unused funds. However, the Fed wanted to continue all these emergency facilities.

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