S&P 500, Dow drop amid growig COVID-19 concerns
Written by on December 23, 2020
The Dow Jones Industrial Average and the S&P 500 slid on Tuesday amid growing COVID-19 concerns. The Dow ended the day down 200.94 points, or 0.67%, and the S&P 500 dropped 0.21% as Tesla stock dropped 1.46% in its second day on the index, while the Nasdaq Composite gained 0.51% with Apple stock rising 2.85%.
Travel-related stocks struggled as the United States surpassed 18 million cases, and news of a new strain of the virus having already arrived in the country. American Airlines dropped 3.85% and United Airlines slid 2.46%, while Norwegian Cruise Line fell 6.86%, Carnival declined 5.94% and Royal Caribbean dipped 2.83%.
Tuesday’s losses came despite Congress passing a $900 billion COVID-19 relief bill including direct stimulus payments of $600 to individuals.
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