US: S&P 500 closes lower as Covid19 resurgence casts a shadow on sentiment
" there's also a feeling that the Fed is acutely aware of what's going and will help where and when needed," Mr Keator said.
New cases of Covid-19 set records across at least six US states, and mandated mask use is becoming more common as economies continue reopening. China, where the pandemic originated but had been contained, also reported an uptick in new cases of the disease.The S&P 500 and the Dow are now about 9 per cent and 13 per cent shy of their respective all-time highs reached in February.
In a video conference, US Federal Reserve Chair Jerome Powell warned the economic recovery from the pandemic is set to be challenging and there will be no quick fix. Unofficially, the Dow Jones Industrial Average fell 207.54 points, or 0.8 per cent, to 25,872.56, the S&P 500 lost 17.64 points, or 0.57 per cent, to 3,097.7 and the Nasdaq Composite added 3.07 points, or 0.03 per cent, to 9,946.12Shares of AMC Entertainment Holdings Inc dropped after the world's largest movie theatre operator announced that it would begin reopening theaters but reversed its early decision to allow customers not to wear face masks.
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