Most US Stock Indices Closed Lower

Most US Stock Indices Closed Lower

Most US stock indices closed lower on Tuesday. The stock market losses deepened the day after the S&P 500 index recorded its worst decline in the last month. The shares of banks, oil companies and other companies, whose profits tend to reflect the strength of the economy, fell in particular. These losses outweighed the profits of technology companies and companies relying on consumer spending. Concerns about the growing number of coronavirus cases and Washington's inability to provide further assistance to the economy have hampered the stock market. The S&P 500 fell 0.3 percent to 3,390.68 points, the Dow Jones industrial index fell 0.8 percent to 27,463.19 points, and the Russell 2000 smaller company index fell 0.9 percent to 1,590.71 point. However, the technology Nasdaq gained 0.6 percent and closed at 11,431.35 points. Asian stock markets mostly recovered from an initial weakening on Wednesday, driven by concerns about a growing number of coronavirus infections. The main Tokyo Nikkei 225 index fell 0.29 percent to 23,418.51 points, but the South Korean stock market Kospi gained 0.62 percent and the Chinese Shanghai Composite index strengthened 0.46 percent.