Stocks Sink on Fresh Covid Threat to World Economy: Markets Wrap

(Bloomberg) — US stocks fell for a second day on concern that the end of China’s zero-Covid policy could lead to a rise in cases around the world.

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The S&P 500 dropped to the lowest level since early November, albeit in thin holiday trading, with volume about 20% below the 30-day average. Tech shares remained under pressure, even as Tesla Inc. halted a seven-day rout prompted by concerns about ebbing demand. The 10-year Treasury yield pushed to 3.88% and a gauge of the dollar climbed to highs of the day late in the session.

Sentiment soured as concerns ramped up over the virus’s spread. Italian health authorities said they would begin testing all arrivals from China for Covid after almost half of the passengers on two flights to Milan were found to have the virus. If a new strain is found, officials may impose stricter curbs on travel from China, the Health Ministry said….

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