Dow drops over 450 pts as selloff accelerates

Friday, 29. January 2021 17:37

The Dow Jones Industrial Average dropped over 450 points as uncertainty increased amid the short-squeeze in the United States as well as worries over vaccine shortages. During the day, reports said Wallstreet bets added over 2 million followers while data releases revealed that pending home sales and consumer confidence fell in the US.

The Dow lost 1.3%, remaining above the 30,000-mark at 11:41 am ET. The index was led lower by Johnson & Johnson which dropped 3.44% at 11:26 am ET after it announced its COVID-19 vaccine had an efficacy of 72% in the US, but lower efficacy rates in other parts of the world. Meanwhile, the S&P 500 declined by 1.32% at 11:44 am ET as insurer Lincoln National Corp fell 6.51% at 11:20 am ET.

The Nasdaq 100 was down 1.43% at 11:45 am ET, with Charter Communications plummeting 6.21% at 5:46 am ET after stating it was having trouble finding new internet and video customers.

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Author:
Breaking the News / VP