NEW YORK – Fears about the state of the United States economic recovery turned Wall Street negative at the close yesterday, reversing gains made in early trading.
Equities rose at the open, but retreated following data from the Conference Board showing US consumer confidence flatlining this month, with Americans feeling less optimistic about employment and the business environment in the coming months even as they view current conditions positively.
“It may be the economic data with the disappointment in consumer confidence” that undermined stocks, as the index was expected to increase modestly, Peter Cardillo of Spartan Capital Securities told AFP.
The benchmark Dow Jones Industrial Average ended 0.2% lower at 34,312.46, and the broad-based S&P 500 lost 0.2% to finish at 4,188.13.
The tech-rich Nasdaq Composite Index was flat at 13,657.17.
Moderna, however, managed a gain of 3.1% after it said trials showed its Covid-19 vaccine is “highly effective” in adolescents aged 12 to 17, and the company will seek regulators’ approval next month.
Lordstown Motors lost 7.5% as the electric truck start-up warned that it will need to raise additional capital to meet its production targets, but that reflects a recovery from the more-severe plunge earlier in the day. – AFP, May 26, 2021
