Stocks declined Tuesday as coronavirus infections surged in the United States andÂ progress on a new, near-term aid plan for the struggling U.S. economy has stalled.
The Dow Jones Industrial Average fell 84 points, or 0.28%, to 29,984, the S&P 500 was down 0.28% and the Nasdaq slipped 0.09%.
TeslaÂ (TSLA) – Get ReportÂ traded lower after the electric carmaker said it would sell around $5 billion worth of shares as it prepares for its S&P 500 debut in about two weeks.
The United Kingdom on Tuesday became the first Western country to begin immunizing its citizens with a Covid-19 vaccine, the shot made by PfizerÂ (PFE) – Get ReportÂ and BioNTechÂ (BNTX) – Get Report.Â
The Food and Drug Administration in the U.S. could approve the Pfizer vaccine as early as Thursday, and if it does vaccine distribution in the country could begin within 24 hours, according to Health and Human Services Secretary Alex Azar.
The FDA said Tuesday that Pfizer’sÂ coronavirus vaccine could provide benefit to recipients after just one dose.
The U.S. said it would have enough Covid-19 vaccine doses to let most Americans get inoculated by the summer. The New York Times reported that federal officials last summer turned down an offer from Pfizer to sell the country more doses of its vaccine.
Deaths in the U.S. from Covid-19, the disease caused by the coronavirus, approached 284,000, according to Johns Hopkins University. The country is averaging about as many deaths from the virus as in April, Bloomberg reported.
As for negotiations over a coronavirus relief bill, it appears that Senate Majority Leader Mitch McConnell is the major roadblock to securing an agreement. Both Democratic and Republican senators have said that the prospects for a compromise on a $908 billion bill would come down to McConnell, who keeps pushing his own plan with a smaller price tag.
McConnell has said he won’t put forth a bill that doesn’t include limits on Covid-19-related lawsuits.
Stocks in the U.S. ended mixed Monday. The Dow declined 148 points, or 0.49%, to 30,070, the S&P 500 fell 0.19% but the Nasdaq rose 0.45% to close at a record high.
The pricing for DoorDash’s initial public offering is expected after the closing bell Tuesday. On Monday, theÂ biggest U.S. food delivery company boosted the pricing range to between $90 and $95 a share as it looks to raise around $3.1 billion.