Wall Street Took A Pause On Tuesday

A day after the record highs for the Dow Jones and S&P 500 in anticipation of successful coronavirus vaccines revealed by Moderna (MRNA) and Pfizer (PFE) in the coming weeks, and potentially other laboratories already in the final phase of their clinical trials, the New York Stock Exchange dropped on Tuesday. Investors hope that in 2021 the economic recovery will intensify, but in the short term, the second Covid-19 wave, which is swelling in the United States, could lead to a vacuum, needing more fiscal and monetary support. As a consequence, in October, retail sales in the United States disappointed a bit, although they continued to grow.

At the close, after two consecutive records highs, the Dow Jones index gave up 0.56 percent to 29,783 points, while the large S&P 500 index fell 0.48 percent to 3,609 points, and the Nasdaq Composite, rich in technology and biotech stocks, slipped 0.21 percent to 11,899 points. The Russell 2000, which comprises the U.S. stock market’s small and medium-sized stocks, rose 0.37% to 1,791 points, setting three consecutive records, its first since 2018.

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The EuroStoxx 50 took a break earlier in Europe which rose up 0.07 percent on Tuesday while the CAC 40 crept up at the close after gaining an increase of 0.21 percent on the day. On Tuesday, Asian stock markets finished in spread order with Nikkei up 0.4 percent while that was a drop of -0.2 percent for the Shanghai Composite.

Following the announcement of its imminent entry into the flagship index S&P 500, U.S. auto giant Tesla rose 8.21 percent on the stocks side, while retailer Walmart fell -2.01 percent and Home Depot saw -2.54 percent declines, despite the release of better-than-expected quarterly results. Both firms benefited from the strong economic recovery observed following the spring lockdowns from July to September.

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