US Stocks end mixed

The US stocks finished mixed after erasing earlier gains on Monday, 14 December 2020, with Dow Jones Industrial Average and the S&P 500 finished lower, while the technology-heavy Nasdaq Composite settled higher.

At the close of trade, the Dow Jones Industrial Average index fell 184.82 points, or 0.62%, to 29,861.55. The S&P 500 index dropped 15.97 points, or 0.44%, to 3,647.49. The tech-heavy Nasdaq Composite Index added 62.17 points, or 0.5%, to 12,440.04.

The mixed performance on Wall Street came as investors assessed the prospects for a federal spending package, vaccine distributions, and the likelihood for further virus-related economic restrictions.

Sentiment was initially boosted by the launch of a nationwide Covid-19 vaccine campaign with the Dow Jones index up by 279 points -hitting an all-time high. But major indexes pared gains after New York City Mayor Bill De Blasio warned the city could experience a full shutdown soon.

The virus continued to rage in the U.S., threatening harsher restrictions across the nation. New York City Mayor Bill de Blasio warned that people should be prepared for a full shutdown and start making plans to work remotely.

The warnings about a new round of shutdowns come despite the approval of the coronavirus vaccine developed by Pfizer (PFE) and BioNTech (BNTX). U.S. officials began to administer the vaccine developed by Pfizer and its German partner BioNTech on Monday following emergency-use approval from federal regulators last week.

Negotiators in the U.S. Congress neared agreement on a massive government spending deal that would avert a government shutdown, as Republicans and Democrats insisted they want to pass a fresh round of aid to a coronavirus-hit nation. A bipartisan $908 billion stimulus proposal is set to be formally unveiled after markets close. A $748 billion proposal will have funds for strongly supposed programs, such as small-business aid and expanded unemployment benefits. A separate measure will have aid for state and local governments and liability protections for businesses, critical sticking points that have held back a relief package for weeks.

Alexion Pharmaceuticals Inc was up 30% after British drugmaker AstraZeneca said it would buy the U.S. biotech firm. AstraZeneca's U.S.-listed shares dropped almost 8%.

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