Gone is the euphoria eh?
The next few months are gonna be a bumpy ride….
Wall Street began the year with a tumble on Monday, with the S&P 500 on track for its steepest decline in more than two months as it retreated from record territory.
The index was more than 2 percent lower by midday, with stocks that have been most sensitive to investor sentiment about the coronavirus pandemic leading the decline. Shares of Royal Caribbean Cruises, Wynn Resorts, Marriott International and Carnival, were all more than 5 percent lower.
Monday’s retreat comes after the S&P 500 rallied more than 16 percent in 2020, defying the economic crisis and the human catastrophe of the pandemic, as the Federal Reserve stepped in to support financial markets, Congress spent trillions on unemployment and business support programs, and vaccinations began, showing a sustainable way out of the pandemic.
But investors have always had to contend with the still-spreading coronavirus pandemic, the risk of new lockdowns and political turmoil in the United States. Countries from Japan to Britain are contemplating more restrictions that will weigh on economic growth, and on Tuesday, two runoff Senate elections in Georgia will settle control of the upper house of Congress, and finally determine how hard it will be for President-elect Joseph R. Biden Jr. to move forward on his agenda.
Though major benchmarks in Europe held on to their gains, they were also off their highest points of the day….