Stocks were mixed Wednesday as tech shares rebounded following investor moves earlier this week into more cyclical names that would benefit from an economic recovery following a breakthrough on a coronavirus vaccine.
The Dow Jones Industrial Average fell 104 points, or 0.35%, to 29,316, the S&P 500 gained 0.42% and the Nasdaq was up 1.59% as pressure eased on the tech sector. Shares of Apple , Amazon and stay-at-home darling Zoom Video jumped after tumbling earlier this week.
Stocks finished mixed Tuesday following a Wall Street rally that was fueled by Pfizer’s announcement that a coronavirus vaccine candidate it is developing with German partner BioNTech prevented more than 90% of infections in a large-scale study.
The positive vaccine news from Pfizer saw investors turning toward shares of manufacturers and energy companies amid bets for a swifter reopening of the economy.
Analysts at Goldman Sachs lifted their year-end price target on the S&P 500 to 3,700 from 3,600, and boosted their targets for 2021 and 2022 as well. The index closed Tuesday at 3,545.
The analysts cited the importance of the vaccine on the economy’s recovery.
However, underlying risks remain since a rollout of the Pfizer vaccine isn’t likely until the spring, and the number of Covid-19 hospitalizations in the U.S. hit an all-time high.
Record-setting sales for Alibaba’s Singles Day were overshadowed by tighter new antitrust regulations from Beijing on the giant online commerce site and its Chinese peers.
U.S.-listed shares of Alibaba were down 0.35% Wednesday, following a decline of more than 8% in Tuesday’s regular trading session. The stock plunged 9.8% in Hong Kong on Wednesday, taking losses to more than $115 billion since Beijing unveiled new antitrust regulations on internet companies, according to Bloomberg.
As for Singles Day, sales topped $75 billion as the event closed, a huge increase from last year’s record high that suggests robust consumer health in China, the world’s second-largest economy.
This article was originally published by TheStreet.