Tuesday Stock Market Update
The Dow Jones Industrial Average and S&P 500 fell, while the Nasdaq Composite gained on Tuesday.
- The Dow Jones Industrial Average fell 222.19 points, or 0.80 percent, to close at 27,463.19.
- The S&P 500 fell 0.30 percent to close at 3,390.68.
- The Nasdaq Composite gained 0.64 percent to close at 11,431.35.
Work from home stocks surged while cyclical stocks sold off dramatically. Daily US coronavirus cases are around 70,000 and fear of lockdowns has started again.
“Uncertainty about COVID-19-related mobility restrictions and US politics mean we should expect volatility to remain elevated for the balance of the year,” said Mark Haefele, chief investment officer for global wealth management at UBS. “However, we continue to see upside over the medium term.”
“With ten vaccine candidates in late-stage trials globally, our central scenario is that restrictions can start to be lifted by 2Q21, helping corporate earnings recover to pre-pandemic highs by around the end of 2021,” he said.
On Tuesday keep an eye out for:
- American Express Co., Carter's Inc., and First Capital Inc. are reporting earnings.