Stocks are moving lower on Wall Street Tuesday, taking a pause after a four-day winning streak
October 13, 2020, 9:30 PM
• 5 min read
NEW YORK — Stocks are moving broadly lower on Wall Street Tuesday, on pace to give up some of their recent gains as earnings reporting season gets underway for big companies.
The S&P 500 was down 0.8% in afternoon trading, giving back about half the gains from a day earlier, when another surge by Big Tech stocks capped a four-day winning streak. The Dow Jones Industrial Average was down 216 points, or 0.8%, at 28,622, as of 2:48 p.m. Eastern time. The Nasdaq composite gave up an early gain and was 0.2% lower.
The pullback in stocks comes as many forces are pushing and pulling on markets simultaneously. Coronavirus counts are rising at a worrying degree in many countries around the world, and Johnson & Johnson said late Monday it had to temporarily pause a late-stage study of a potential COVID-19 vaccine “due to an unexplained illness in a study participant.” Uncertainty about the prospects for more stimulus for the economy from Washington is also hanging over markets.
“Absent of getting any kind of fiscal stimulus, we’ve already seeing a leveling off in economic growth and some weakening under the surface, ” Liz Ann Sonders, chief investment strategist at Charles Schwab. “There’s concern that without that additional fiscal stimulus the economy could run into a little bit of trouble here.”
Some measure of