BUSINESS US stocks end mixed amid coronavirus concerns

BUSINESS

US stocks end mixed amid coronavirus concerns

Xinhua

06:47, October 28, 2020

NEW YORK, Oct. 27 (Xinhua) -- U.S. stocks closed mixed on Tuesday as investors continued to worry about the country's soaring COVID-19 infections.

File photo: AFP

The Dow Jones Industrial Average fell 222.19 points, or 0.8 percent, to 27,463.19. The S&P 500 decreased 10.29 points, or 0.3 percent, to 3,390.68. The Nasdaq Composite Index rose 72.41 points, or 0.64 percent, to 11,431.35.

Eight of the 11 primary S&P 500 sectors dropped, with industrials closing down 2.18 percent, leading the laggards. Consumer discretionary rose 0.57 percent, the best-performing group.

U.S.-listed Chinese companies traded mostly higher, with six of the top 10 stocks by weight in the S&P U.S. Listed China 50 index ending the day on an upbeat note.

The moves came as COVID-19 infections are spreading across the United States at a fast rate.

Daily U.S. coronavirus cases have risen by an average of nearly 70,000 over the past week, according to a CNBC analysis of data from Johns Hopkins University.

The country has reported more than 8.76 million COVID-19 cases, with the death toll topping 226,000 as of Tuesday afternoon, showed a tally by the university.

"Uncertainty about COVID-19-related mobility restrictions and U.S. politics mean we should expect volatility to remain elevated for the balance of the year. However, we continue to see upside over the medium term," Chief Investment Officer at UBS Global Wealth Management Mark Haefele said in a note on Tuesday.

On Monday, Wall Street's major averages plunged with the Dow closing down 650 points. 

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