Read more about Wall Street’s main indexes drop at open as coronavirus cases surge on Business Standard. The Dow Jones Industrial Average fell 150.29 points, or 0.50%, at the open to 29,800.15
Wall Street’s main indexes fell on Tuesday with the S&P 500 and the Dow retreating from record closing highs hit a day earlier, following disappointing retail sales data and a spike in cases across the country. The Nasdaq’s losses were limited by a 12 per cent jump in Tesla Inc’s shares in anticipation of a $51 billion trade by index funds adjusting their holdings when the electric-car maker will be added to the benchmark S&P 500 in December. The Dow notched an all-time closing high on Monday, finishing about 50 points shy of 30,000 after Moderna Inc’s promising COVID-19 vaccine data boosted hopes of an economic recovery, overshadowing spiking cases across the country. “There is conflict for the market between the near-term direction to the economy, which is troubled with the very high Covid-19 rates and the future for the market, that’s which vaccines could provide an end to the restrictions,” said Rick Meckler, partner at Cherry Lane Investments in New Vernon, New Jersey.
