Dow drops more than 300 points | Coronavirus cases rise | Vaccine rally almost gone

THU, NOV 12, 2020

EVENING BRIEF

AS OF THU, NOV 12, 2020 • 04:18 ET

DJIA		29080.17
		-1.08%	-317.46

S&P 500		3537.01
		-1.00%	-35.65

NASDAQ		11709.59
		-0.65%	-76.84

Most Active

DOW
NAME	LAST	CHG	%CHG
AAPL	119.21	-0.28	-0.23%
INTC	44.95	-1.40	-3.02%
CSCO	38.67	-0.66	-1.68%

S&P 500
NAME	LAST	CHG	%CHG
AAPL	119.21	-0.28	-0.23%
F	8.21	-0.12	-1.44%
CCL	14.93	-1.28	-7.90%

NASDAQ
NAME	LAST	CHG	%CHG
AAPL	119.21	-0.28	-0.23%
INTC	44.95	-1.40	-3.02%
AMD	81.84	+0.56	+0.69%

EDITOR'S NOTE

The number of coronavirus cases is rising quickly, and investors are fretting over the economic implications stemming from a new virus wave.

The Dow Jones Industrial Average fell more than 300 points on Thursday, or 1%. The S&P 500 slid 1% as well, and the Nasdaq Composite pulled back 0.7%.

Thursday's losses came as the number of coronavirus infections and hospitalizations is climbing across the U.S. On Wednesday alone, a record of more than 144,000 infections was confirmed in the U.S. Meanwhile, the coronavirus hospitalization rate is up by at least 5% in 46 states over the past week.

Concerns about the U.S. economy grew further as Federal Reserve Chairman Jerome Powell said the country's economic outlook remains uncertain even after the positive vaccine news from earlier in the week.

"From our standpoint, it's just too soon to assess with any confidence the implications of the news for the path of the economy, especially in the near term," Powell said regarding the vaccine. "With the virus spreading, the next few months could be challenging."

Value stocks that outperformed earlier in the week were among the biggest laggards on Thursday. United Airlines dropped 4%. JPMorgan Chase and Wells Fargo were each down more than 1%.

The losses Thursday put the S&P 500 up just 0.8% for the week as the vaccine market rally quickly evaporates.

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