Dow Turns Higher as Wall Street Weighs Virus Surge, Stimulus

Stocks fluctuated Tuesday as coronavirus infections surged in the United States and Wall Street weighed the chances of a near-term aid plan for the struggling U.S. economy.

© TheStreet Dow Turns Higher as Wall Street Weighs Virus Surge, Stimulus

The Dow Jones Industrial Average rose 72 points, or 0.24%, to 30,142, the S&P 500 was up 0.04% and the Nasdaq slipped 0.12%.

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Tesla 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 Pfizer and BioNTech .

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’s 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.

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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.

Bloomberg reported Tuesday that Republican congressional leaders plan to talk with Treasury Secretary Steven Mnuchin and White House Chief of Staff Mark Meadows Tuesday about a Covid-19 relief package. McConnell is expected to speak with Mnuchin and Meadows.

McConnell has said he won’t put forth a bill that doesn’t include limits on Covid-19-related lawsuits.

The pricing for DoorDash’s initial public offering is expected after the closing bell Tuesday. On Monday, the 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.

Stitch Fix soared after the subscription-based apparel retailer posted fiscal first-quarter earnings and sales that topped Wall Street forecasts.

This article was originally published by TheStreet.

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