Wall St. Rally Loses Steam


An early rally on Wall Street lost steam by the closing bell Wednesday, leaving major indexes mixed. The S&P 500 rose 0.8%, thanks largely to gains in big technology companies. The Nasdaq rose 2% to 11,786.43, and the Dow Jones industrials edged down 0.1%, or 23.29 points, to 29,397.63. The S&P 500 and the Dow had earlier looked like they could close at record highs, but new restrictions in New York and California helped deflate the market’s gains, the AP reports. The Dow fell partly due to losses in American Express and Disney, which shot higher this week after news of progress toward a successful coronavirus vaccine sent travel and entertainment companies surging.

Big Tech stocks had borne the brunt of this week’s dramatic reordering, but they clawed back some of those earlier losses. Microsoft rose 3%, erasing its loss for the week, and Amazon gained 3.1% to pare its weekly loss. Elsewhere in the market, some of the massive rotation that swept through early this week also eased off the accelerator. The S&P 500 was nearly evenly split between stocks rising and falling, while energy and bank stocks gave back a bit of their huge gains from Monday and Tuesday. Some prospective new winners of a post-vaccine economy were continuing to climb. Lyft rose 2% after its results for the latest quarter showed signs of a recovery in its ride-hailing business. Revenue plunged by nearly half in the summer from a year earlier, but it was nowhere near as bad as during the spring, when lockdowns were at full force.

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