Earlier on Thursday, the Dow dropped more than 300 points during the regular session, notching its second straight daily decline. The S&P 500 pulled back 1%, leaving it just 0.8% higher for the week after surging on Monday amid positive vaccine news.
Those losses came as the number of coronavirus cases, and hospitalizations, keeps climbing in the U.S. A CNBC analysis of data compiled by Johns Hopkins University showed average daily new cases are up by at least 5% over the past week in at least 47 states. Hospitalizations, meanwhile, rising in at least 46 states.
Sentiment on Thursday soured even further after Federal Reserve Chairman Jerome Powell said the country’s economic outlook remained uncertain. “With the virus spreading, the next few months could be challenging,” he said.
Disney, Cisco jump on earnings
Cisco popped more than 6% on the back of strong earnings and revenue. The company also issued better-than-expected guidance for the current quarter.