NEW YORK, Nov 19 — The Dow and the S&P 500 fell today as fears of fresh lockdowns to curb the spread of Covid-19 in Europe hammered banking, energy and airline stocks, while strength in technology pushed the Nasdaq to a record high.
Carriers including Delta Air Lines, United Airlines and American Airlines, and cruiseliners Norwegian Cruise Line and Carnival Corp fell between 1.3 per cent and 4.4 per cent. “The biggest risk here to the market is not legislative policy or pandemic... If the Fed chooses to react quickly and aggressively to persistent inflation, then the markets are going to have a problem.”
The S&P 500 and the Nasdaq eked out record highs on Thursday following strong technology and retail earnings. The Nasdaq was set to be the best performer this week, while the Dow Jones was set for a second straight week of losses. Among other stocks, Intuit Inc jumped 12.6 per cent as brokerages raised their price targets on the income tax software company after it beat quarterly estimates and raised forecast.
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