NEW YORK (Pakistan Point News / Sputnik - 19th November, 2020) Wall Street's three main stock indices each tumbled about 1 percent or more on Wednesday as an escalation of coronavirus cases and closure of New York City's schools overshadowed vaccine breakthroughs that could alleviate the pandemic.
The Dow Jones Industrial Average, the broadest stock indicator on the New York Stock Exchange, settled down 1.2 percent at 29,438.
The S&P 500, a barometer for the top 500 US stocks on the New York Stock Exchange, also fell 1.2 percent, to close at 3,567.
The Nasdaq Composite Index, which counts on the performance of US tech stock giants such as Facebook, Apple, Amazon, Netflix and Google, finished the day down 0.8 percent at 11,801.
The United States reported more than 158,000 new coronavirus cases on Wednesday, while hospitalizations increased to 73,014.
In New York City, Mayor Bill de Blasio said schools will shut down beginning on Thursday as daily testing for the coronavirus hit 3 percent positivity over a seven-day average threshold. New York City has the largest US school system, serving a million or more students a year.
