U.S. Indices Going Through Corrections As Covid Cases Increased

On Wednesday, the Dow Jones index fell marginally at the close by -0.08 percent at 29,397 points, after rising more than 10 percent in a week, and near to its last all-time high of 29,551 points, set before the health crisis on February 12. The S&P 500’s wide index gained 0.77% to 3,572 points, near to its September 2 high of 3,580 points. After a correction of around 3 percent in two days, the Nasdaq Composite, rich in technology and biotech stocks, rebounded 2 percent to 11,786 points.

After gaining more than 2 percent in the session, oil picked up 0.2 percent, taking WTI to $41.45 a barrel. Following global crude demand estimates updated by OPEC in its latest monthly publishing, much of the gains evaporated. Gold decreased by 0.8 percent to $1,861.60. Against a basket of benchmark currencies, the dollar index improved 0.26 percent to 92.99 points. For Veteran’s Day, U.S. bond markets were closed.

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U.S. indices showed mixed results on Wednesday as investors have now correcting their trades made in start of the week on the news of near success of the Covid vaccine. The markets over reacted on the news but it will take the vaccine a couple of months to be available in the market which calmed that overwhelming sentiment. Also the rising number of Covid cases in U.S. again fears the investors of brief lockdowns. Another indicator turned red in the United States is the number of patients hospitalized for coronavirus has now reached its peaks of last spring, with 61,694 hospitalizations, compared to a previous record of 59,940 on April 15, according to data from the COVID Tracking Project.

In two weeks, Covid’s number of hospitalizations has jumped 40 percent. If the situation continues to deteriorate, experts fear that, pending the vaccine, lockdown measures would have to be taken in certain places.

While the epicenter of the pandemic was on the East Coast in April, especially in New York State, this time 17 central and southern states, including Iowa, Kansas, Minnesota, Missouri, Montana, North Dakota, Texas, Utah and Wisconsin, are close to saturating their hospital capacity.

Boston Fed President Eric Rosengren also said Tuesday that the U.S. central bank should increase its funding. “My impression is that more fiscal and monetary easing is required with the second wave (of coronavirus) underway,” he said, adding that divisions about the results of the U.S. presidential election and confusion about the makeup of the Senate made it difficult to predict the amount of the economic stimulus package.

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