The New York Stock Exchange dropped on Wednesday, after a reluctant session faced with the severity of the second wave of the coronavirus outbreak, which has now claimed nearly 250,000 lives in the United States, and threatens to stifle the economic recovery that started during the summer.
The Dow Jones index dropped 1.16 percent to 29,438 points at the close, while the large S&P 500 index dropped 1.16 percent to 3,567 points, and the Nasdaq Composite, rich in technology and biotech inventories, dropped 0.82 percent to 11,801 points. The Russell 2000 index, which comprises the U.S. stock market’s small and medium-sized stocks, gave up 1.26 percent to 1,769, terminating a streak of three consecutive records.
However, Pfizer Inc (PFE) (up 0.78 percent) and BioNTech (BNTX) (up 4.04 percent) released the final results of their Phase 3 trial on Wednesday, which showed 95 percent efficacy of their candidate coronavirus vaccine. But the markets know that the next few months could be difficult before the future vaccine program takes effect, sometime in 2021. On Monday, U.S. President-elect Joe Biden expected a “dark winter” and called on Congress to implement a new strategy quickly to help the economy.
According to the latest figures from the Johns Hopkins University, the United States is the nation most mourned by the Covid-19 outbreak, which has now claimed almost 250,000 lives (249,733 deaths as of Wednesday, up more than 1,700 in 24 hours) since the virus emerged in the region, with more than 11.4 million confirmed cases.
Since Monday, Chicago, the third-largest city in the world, has put lockdown measures in place. The bars and restaurants in New York State, most affected by the first wave of coronavirus in the spring, are expected to close at 10 p.m. after 13 November. And New York City Mayor Bill de Blasio declared on Wednesday the closing of the city’s schools, which will go through distance learning for an indefinite time as early as Thursday.
Meanwhile on Wednesday, the legendary boss of JP Morgan, Jamie Dimon, expressed his grievances over the “childish behavior” of Congressional leaders, who are reluctant to implement a new strategy to help the economy.