Xinhua
20 Nov 2020, 21:48 GMT+10
NEW YORK, Nov. 20 (Xinhua) -- U.S. stocks opened lower on Friday as the nation was grappling with soaring COVID-19 infections.
Shortly after the opening bell, the Dow Jones Industrial Average slipped 56.79 points, or 0.19 percent, to 29,426.44. The S&P 500 decreased 5.72 points, or 0.16 percent, to 3,576.15. The Nasdaq Composite Index was down 23.82 points, or 0.20 percent, to 11,880.89.
Of the 11 primary S&P 500 sectors, technology dipped 0.3 percent in the morning session, leading the laggards. Utilities rose 0.5 percent, the best-performing group.
Investors weighed the economic impact of the surging new coronavirus cases.
The United States reported a record of 187,833 new cases on Thursday, pushing the national seven-day average of daily new infections to 165,029, about 24 percent higher than a week ago, according to a CNBC analysis of data compiled by Johns Hopkins University.
The country has reported more than 11.7 million cases in total with the death toll from the disease exceeding 252,000 as of Friday morning local time.
Wall Street also focused on a disagreement between the U.S. Treasury Department and the Federal Reserve over the continuation of funding for some of the emergency programs established during the early days of the coronavirus crisis.
U.S. Treasury Secretary Steven Mnuchin on Thursday asked the Federal Reserve to end five emergency COVID-19 lending facilities and return 455 billion U.S. dollars of unused funds. However, the Fed wanted to continue all these emergency facilities.
Get a daily dose of Sydney Sun news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Sydney Sun.
More InformationBATTLE CREEK, Michigan: In a major consolidation of iconic food brands, WK Kellogg has agreed to be acquired by the owner of Ferrero...
WASHINGTON, D.C.: Filmmaker Peter Jackson's lifelong fascination with the extinct giant New Zealand flightless bird called the moa...
NEW DELHI, India: India has submitted a revised proposal to the World Trade Organization (WTO) in Geneva to implement retaliatory tariffs...
SAN FRANCISCO, California: Nvidia, the Silicon Valley chipmaker at the heart of the artificial intelligence boom, this week briefly...
REDMOND, Washington: Artificial intelligence is transforming Microsoft's bottom line. The company saved over US$500 million last year...
WASHINGTON, D.C.: A federal rule designed to make it easier for Americans to cancel subscriptions has been blocked by a U.S. appeals...
CONCORD, New Hampshire: A federal judge in New Hampshire issued a crucial ruling on July 10 against President Donald Trump's executive...
DUBAI, U.A.E.: A cargo ship flagged under Liberia, known as the Eternity C, sank in the Red Sea following an attack executed by Yemen's...
WASHINGTON, D.C.: The Trump administration has started sending some weapons to Ukraine again, just a week after the Pentagon told officials...
ECAULT BEACH, France: On clear days, the white cliffs of the United Kingdom, are visible from northern France, where men, women, and...
ATLANTA, Georgia: The United States is facing its worst measles outbreak in more than three decades, with 1,288 confirmed cases so...
In the past month alone, 23 Israeli soldiers have been killed in Gaza—three more than the number of remaining living hostages held...