US STOCKS Dow falls as virus woes offset stimulus bets – Reuters

Dec 16 (Reuters) – The Dow fell on Wednesday as worries in regards to the financial impression of the COVID-19 pandemic offset optimism over a stimulus bundle, with traders awaiting the Federal Reserve's outlook on the U.S. economic system later within the day.
Flows into heavyweight expertise shares supported the S&P 500 and pushed the Nasdaq to a file excessive, because the sector's resilience by way of the virus outbreak spurred continued shopping for.
The S&P 500 airways index (.SPLRCALI) fell 1.8% after J.P. Morgan issued a number of downgrades within the sector, citing valuations.
Southwest Airways Co (LUV.N) fell 1.7% after flagging the next money burn within the fourth quarter, in addition to elevated journey cancellations in December. learn extra
Knowledge confirmed U.S. retail gross sales fell 1.1% final month from October, as new coronavirus infections and reducing family revenue weighed on spending. learn extra
U.S. congressional leaders reported substantial progress towards a spending invoice late on Tuesday, whereas a string of media studies urged a deal to launch more cash into the economic system was imminent. learn extra
"What we actually have is a definitive tug of struggle between the virus information and the vaccine information, and the tiebreaker for that has actually fallen on the shoulders of Congress to get extra stimulus out," stated Artwork Hogan, chief market strategist at Nationwide Securities in New York.
The Fed is predicted to maintain lending charges at near-zero and sign their staying there for the foreseeable future on the conclusion of their assembly later within the day. Additionally in focus is an replace on the central financial institution's bond-buying program.
"The market goes to be trying on the (Fed's) bond-buying program. So whereas we get an general dovish communiqué, the important thing focus will probably be if the Fed goes to point any pullback in utilizing its instruments," stated Peter Cardillo, chief market economist at Spartan Capital Securities in New York.
Whereas a mixture of low rates of interest and elevated liquidity has brightened the outlook for equities, COVID-19 headwinds have sobered near-term expectations, regardless of the latest launch of a vaccination program.
At 12:12 p.m. ET, the Dow Jones Industrial Common (.DJI) was down 46.79 factors, or 0.15%, at 30,152.52, the S&P 500 (.SPX) was up 6.61 factors, or 0.18%, at 3,701.23. The Nasdaq Composite (.IXIC) was up 49.22 factors, or 0.39%, at 12,644.28.
Twitter Inc (TWTR.N) rose 3.2% after J.P. Morgan upgraded the inventory to "obese". The brokerage expects the social media firm to stage a major rebound in internet marketing following a pandemic-fueled decline.
Marijuana producers Aphria Inc (APHA.TO), and rival Tilray Inc (TLRY.O) gained 1.5% and 21.6%, respectively, after the 2 corporations agreed to mix their operations and create the biggest hashish producer by gross sales.
Declining points outnumbered advancers for a 1.14-to-1 ratio on the NYSE and a 1.04-to-1 ratio on the Nasdaq.
The S&P recorded 29 new 52-week highs and no new low, whereas the Nasdaq recorded 149 new highs and 13 new lows.
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India's Bharat Petroleum Corp plans to close its 156,000 barrels-per-day (bpd) Bina refinery in central India for a couple of month in June for upkeep, two sources acquainted with the plan stated.
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