Producers of metals and other raw materials fell as optimism about vaccines faded, and as investors braced for a new round of restrictions amid renewed spread of Covid-19.
"After all the celebration, if you will, on Monday about the vaccine, the reality is, there's a whole logistical thing that goes along with that, that people don't seem to be considering," said Joe Kinahan, chief market strategist at TD Ameritrade.
"OK, it's great they have this [vaccine], but when's the earliest the average person is going to have access to that? That may be early-to-late summer...there's still a lot of things that have to be done."
Governors in New York, Maryland, Minnesota, Iowa, Utah and other states have imposed new restrictive measures as U.S. cases hit another high Wednesday, topping 100,000 for the ninth day in a row, while hospitalizations rose to a record 65,386, according to the Covid Tracking Project.
From Chicago, where Mayor Lori Lightfoot issued a 30-day stay-at-home advisory; to El Paso, Texas, where a lockdown was extended due to an increase in Covid-19 fatalities; to the United Kingdom, where non-essential businesses have shut, the wave of shutdowns that swept the globe in March appear to be resuming.
Reserve Chairman Jerome Powell said it was too soon to say how progress in the global hunt for a Covid-19 vaccine would influence the U.S. economy, particularly given that increases in infection cases could weaken the recent economic recovery.
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(END) Dow Jones Newswires