U.S. Indices Closed Lower While Biotech Firms Remained Higher On Friday

On Friday, the U.S. stock market ended the week lower, divided between anti-Covid vaccine expectations and U.S. political divisions that could curb the battle against the pandemic. While several states have had to introduce new health restrictions in the face of soaring cases of Covid-19, businesses question the prospects of a swift implementation of a new budget funding package for the United States, and view the Trump administration’s announcement that it would stop approving some of the asset purchase programs of the Federal Reserve.

The Dow Jones index dropped -0.75 percent to 29,263 points at the close, while the large S&P 500 index dropped -0.68 percent to 3,557 points, and the Nasdaq Composite, rich in technology and biotech inventories, dropped -0.42 percent to 11,854 points. The shares of laboratories active in coronavirus vaccines, however, grew sharply, including Pfizer (up 1.41%), BioNTech (up 9.63%), Moderna (up 5.22%), Curevac (up 5.97%), Astrazeneca (up 2.35%).

For the week as a whole after posting record highs on Monday, the two major US indices came correcting during that period with Dow Jones down -0.7 percent and the S&P 500 down -0.8 percent, while the Nasdaq rose marginally, 0.2 percent in 5 sessions, backed by stocks of biotech companies and ‘technos,’ which benefited from restrictive measures implemented in the face of rising health issues.

In the United States, where the symbolic mark of 250,000 deaths has been crossed since Wednesday, for a total of more than 11.7 million confirmed cases, the pandemic continues to rise.

According to Reuters, hospitalizations are skyrocketing in the United States, up about 50 percent in the last two weeks. In this worsening scenario, more of the U.S. states are forced to implement new restrictions to reduce the spread before the winter season and the holidays, less than a week before Thanksgiving Day on Thursday, November 26.

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