Stocks are flat following Tuesday's drop in the Dow Jones Industrial Average.
, stocks traded most of the day around the flatline until a report raised concerns about previously publicized trial results for Moderna's potential coronavirus vaccine. Banks and retailers weighed down the major averages. The Dow Jones Industrial Average lost 390 points. The S&P 500 also registered a loss, dropping 1.05%.
"Underlying performance was odd," said Jim Paulsen, chief investment strategist at the Leuthold Group. "We had the traditional give-backs from energy and financials. But all of the defensive sectors — utilities, consumer staples, real estate and health care — declined by 1.2% to 1.85%. Finally, Tech and Comms had another great day in a down market reinforcing their recent character of being a defensive stock market play.
Treasury Secretary Steven Mnuchin said Tuesday the Treasury and the Federal Reserve are "fully prepared to take losses" on the remaining capital from the coronavirus bailouts. Mnuchin said before the Senate Banking Committee he is prepared to distribute the entire $500 billion appropriated to help struggling businesses impacted by the coronavirus pandemic.
"The overall stock market gave back only a small part of its monster gain from [Monday] which really was encouraging being bolstered most of the day by the prospect of a period ahead of 'better news,' added Paulsen. "With re-openings now the vogue about the country, it seems almost assured that fundamental economic and earnings reports are headed for a period of improvement.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Wall Street set to jump on stimulus, vaccine hopesU.S. stock indexes were set to open sharply higher on Monday on optimism fueled by encouraging data from a potential COVID-19 vaccine trial, with investors also counting on more stimulus to rescue the economy from a deep economic slump.
Read more »
Wall Street soars on hopes of stimulus, coronavirus vaccineWall Street's main indexes surged on Monday as encouraging early data from a potential coronavirus vaccine trial boosted sentiment, with investors also counting on more stimulus to rescue the U.S. economy from a deep slowdown.
Read more »
Most investors don't think this rally is for real, according to widely followed Wall Street surveyAmid a surge that has seen the S&P 500 rise 32% since the March 23 trough, some 68% of survey respondents called the move a 'bear market rally.'
Read more »
Here's what happened to the stock market on MondayHope for a potential coronavirus vaccine and positive comments from Federal Reserve Chairman Jerome Powell sent stocks flying on Monday.
Read more »
Goldman highlights key earnings trends outlines stock market recovery - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Read more »