Wall St ends lower, vaccine hopes overshadowed by rise in coronavirus cases

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WALL STREET ENDS DOWN

NEW YORK (Reuters) – The New York Stock Exchange ended down 1.16% on Wednesday as hopes linked to announcements by Pfizer last week and Moderna on Monday were overshadowed by the spread of the epidemic which shows few signs of recoil.

The Dow Jones index lost 344.93 points to 29,438.42.

The larger S & P-500 lost 41.74 points, or -1.16%, to 3,567.79.

The Nasdaq Composite fell by 97.74 points (-0.82%) to 11,801.60 points.

Wall Street had however opened up, supported by hopes of progress in the fight against the epidemic of new coronavirus and by the announcement of the lifting of the flight ban on Boeing’s 737 MAX, grounded since March 2019 .

The increase in the number of cases of contamination, which cannot be denied around the world, ended up overcoming the optimism expressed by stakeholders and the indices went into negative territory, a decline which was accentuated in the end. session.

“The market is hesitating because portfolio managers don’t know what time horizon they should focus their efforts on,” said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York. “It is a compromise between the short term, over the six to nine months of continued spread of the virus, and the period after everyone is vaccinated and the virus is eradicated.”

At values, Pfizer and BioNtech took 0.77% and 4.03% respectively after announcing that their COVID-19 vaccine candidate was 95% effective, according to the final analysis of phase 3 clinical trials, better than the over 90% estimated so far.

(French version Camille Raynaud)

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