S&P 500 closes nominally higher amid COVID-19 spikes, muted data
The S&P 500 closed nominally higher on Thursday as investors weighed a resurgence in coronavirus infections and the possibility of a new round of shutdowns as well as data that suggested the U.S. economy might not bounce back with quick, V-shaped recovery.
All three major U.S. stock indexes were range-bound and oscillated through much of the day, but the S&P ended the session in the black along with the tech-heavy Nasdaq.
The blue-chip Dow lost ground.
“The market’s looking for its next big impulse,” said Chuck Carlson, chief executive officer at Horizon Investment Services in Hammond, Indiana. “There are a lot of impulses in the market for investors to weigh, sift through and take into account to figure out the next direction.”
While several U.S. states have reported surges in new COVID-19 cases after re-opening their economies, President Donald Trump insisted the United States would not enact a new round of restrictions to curb the pandemic’s spread.
“Investors are in wait and-see mode,” said Charlie Ripley, senior market strategist for Allianz Investment Management in Minneapolis.