Stocks Drop as Virus Spike Ignites Lockdown Fears: Markets Wrap

As global infections climbed above 85 million and daily cases in the U.S. soared to a record of nearly 300,000 following the New Year holiday, the equity market struggled to sustain the rally that drove the benchmark gauge to an all-time high. The S&P 500 quickly wiped out gains on the first trading day of 2021, with big technology companies such as Apple Inc. and Facebook Inc. moving lower. Tesla Inc. bucked that trend after coming very close to meeting its 500,000 vehicle-deliveries goal for 2020, while Boeing Co. dragged down the Dow Jones Industrial Average on an analyst downgrade.

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