S&P 500, Dow muted as rising COVID-19 cases dent recovery hopes


The S&P 500 and the Dow edged lower in choppy trading on Wednesday as a record rise in coronavirus cases in six USA states dented sentiment following a three-day rally on hopes of a swift recovery from a coronavirus-driven downturn.

The Nasdaq is up 970.45 points, or 10.8%.

Shares of cruise line operators took a leg down after the Cruise Lines International Association announced suspension of cruise operations from USA ports, citing the ongoing situation with the pandemic. Delta descended 1.9% and American dropped 3%. Gap, Kohl's and Nordstrom all fell more than 3%.

Stocks started the day with strong gains after a report by Bloomberg News said that China was set to up its purchases of US farm products to comply with the phase-one trade deal. Norwegian Cruise Line and Royal Caribbean dropped more than 7% each, while Carnival fell 6%.

AMC Entertainment Holdings Inc jumped 5.6% on plans to reopen theaters at about 450 locations in the United States next month and the company expects to return to full-seating capacity around Thanksgiving.

California, Florida and North Carolina urged mandatory mask use on Thursday as at least six states set daily records for new coronavirus cases.

Lycoming County three new COVID-19 cases
There have been no new community outbreaks, and public health teams are providing support for the ongoing community outbreaks. The province also recorded one death, in the Vancouver Coastal Health region, following six straight days without one.

However, a disease expert in China announced the latest outbreak of coronavirus cases in Beijing had been brought under control.

Initial jobless claims declined slightly last week to a still-bruising 1.51 million, according to the Labor Department.

Prices for the 10-Year Treasury gained, lowering yields to 0.70% from Wednesday's 0.73%.

The Dow is up 474.56 points, or 1.9%.

In other markets, USA crude futures rose 0.7% to $38.22 a barrel, regaining some momentum as a meeting to monitor compliance with the so-called 'OPEC+' alliance's deal on output restraint passed off without major incident, while executives from major trading companies Vitol and Trafigura told Bloomberg that global demand is picking up quickly.

Some investors also pointed to a Bloomberg report here, that said China plans to accelerate the purchase of US farm goods to comply with the Phase 1 trade deal, as a reason for the strength in USA stocks.