Dow: -344.93…
Nasdaq: -97.74… S&P: -41.74…
The S&P 500 fell 1.2% today for a second straight decline that tempered the recent bullishness in the market. The Nasdaq fell 0.8%, the Dow declined 1.2%, and the Russell 2000 declined 1.3% after setting an intraday record high earlier in the day.
For most of the day, the market struggled to gain any traction despite a host of positive news related to a vaccine, economic data, and corporate earnings. Presumably, this was because the market was pricing in a lot of the good news in its record-setting rally this month and needed to consolidate those gains.
Selling appeared to pick up late in the afternoon after New York Governor Cuomo announced that New York City public schools will temporarily close due to surging coronavirus cases. Cuomo previously warned this was a legitimate possibility, but the decision served as a convenient excuse to take some profits
All 11 S&P sectors finished in negative territory, led lower by the energy (-2.9%), utilities (-1.9%), health care (-1.8%), and real estate (-1.7%) sectors with losses over 1.5%. The industrials sector (-0.5%) was the relative outperformer today.
I added IPOB as a new long. This one was mentioned alongside PLTR Monday evening.
