Dow falls as second day – Analysis: S&P500 could gain 12% in 2021
Dow falls more than 300 points for a second day of losses as rally to records pauses
U.S. stocks fell for a second straight day on Wednesday as the market’s recent rally to new records took a pause.
The Dow Jones Industrial Average dropped 344.93 points, or 1.2%, to 29,438.42 in a volatile session, after rising as much as 147 points at its session high. The S&P 500 slid 1.2%, or 41.74 points, to 3,567.79, while the tech-heavy Nasdaq Composite fell 0.8%, or 97.74 points, to 11,801.60. The major averages finished the day near their session lows.
The worsening pandemic that brought on new restrictions overshadowed positive developments on the coronavirus vaccine front.
Stocks turned sharply lower after Mayor Bill de Blasio announced New York City’s public schools will move to remote learning only as the city tries to tamp down a growing number of coronavirus cases.
The S&P 500 could gain 12% over the next year, Credit Suisse says
The stock market’s broadest gauge will rise 12% by the end of next year as the U.S. economy normalizes after a coronavirus vaccine, Credit Suisse said Wednesday.
The bank’s market strategists, led by chief U.S. equity strategist Jonathan Golub, said tech stocks and bank stocks should help lead the S&P 500 to 4,050 by the end of 2021.
Reference: CNBC
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