NEW YORK – European stocks marched higher yesterday, buoyed by Covid-19 vaccine optimism and hopes of a last-minute Brexit deal, but fears of new United States shutdowns undermined Wall Street’s early gains.
Even as the first Americans began to receive the vaccine, after last week’s emergency authorisation, the bellwether Dow Jones Industrial Average ended with a loss of 0.6% after hitting a 52-week high during the trading session, and the broad-based S&P 500 fell 0.4%.
But the US coronavirus death toll hit 300,000 yesterday and analysts at Schwab cautioned that “we’re not yet out of the coronavirus tunnel”.
As infections continue to mount, New York City Mayor Bill De Blasio warned the city could experience another “full shutdown” soon.
US regulators gave the go-ahead for the use of the Pfizer-BioNTech vaccine on Friday and officials said 20 million Americans could receive a first of two required injections by the end of the year and 100 million by March.
There was renewed, if cautious, hope about a new US economic relief package, as a bipartisan group of lawmakers in Washington was set to formally release a $908 billion compromise package.
The plan includes new unemployment aid, help for state and local governments, and limited liability protections for businesses.
But there have been few signs in recent days that the latest offer would be enough to win support in the Republican-controlled Senate or the Democrat-controlled house. – AFP, December 15, 2020
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