After the euphoria of the vaccine, Wall Street ends in scattered order - France 24

New York (AFP)

Wall Street ended in broken order on Tuesday, after its exuberance the day before fueled by the announcement of a promising vaccine against Covid-19, the market continuing to favor traditional economy stocks at the expense of technology stocks.

The flagship index of the New York Stock Exchange, the Dow Jones, gained 0.90% to 29,420.92 points.

The Nasdaq, where technology stocks that have benefited from mobility restrictions due to the pandemic are concentrated, continued to bear the brunt of investor arbitrage, yielding 1.37% to 11,553.86 points.

The S&P 500, the most representative index of the US market, remained close to equilibrium, dropping 0.14% to 3,545.53 points.

During a mixed trading session, the markets reassessed "the surge from the day before which was due to positive news on the Covid-19 vaccine from Pfizer and BioNTech," Schwab analysts recalled.

American laboratories Pfizer (-1.40% at closing) announced Monday that a vaccine developed with the German BioNTech (+ 7.60%) reduced by 90% the risk of falling ill with the coronavirus.

"Monday's sudden rotation remained in play on Tuesday between growth stocks", which grew faster thanks to the pandemic in particular, "and stocks of a cyclical nature" which suffered from the economy and are at lower prices, these analysts explained.

“Market rotation continues,” said Quincy Krosby of Prudential Financial.

According to her, the decline of the Nasdaq came when "the technological names were too bought, to the point where one could expect some consolidation".

Thus the online shopping giant Amazon, also accused by the European Commission of violating competition laws, has yielded 3.46%.

Facebook dropped 2.27%.

Its founder Mark Zuckerberg sold millions of dollars of its shares, according to the SEC.

Microsoft, which put its new Xbox Series console on sale on Tuesday, lost 3.38%.

Zoom's stock fell (-9.01%), the prospect of a return to normal life with a vaccine signaling a second dark day on the videoconferencing platform.

The seller of interactive apartment bikes Peloton climbed 5.20% after signing a partnership with Beyoncé that will allow its subscribers to pedal to the music of the singer.

© 2020 AFP