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Stocks Ease Off Record Highs With Virus in Focus: Markets Wrap

  • Pharmacy chains slump on Amazon’s move into prescription drugs
  • Tesla shares surge on plans to add stock to S&P 500 Index
Bloomberg business news
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Stocks pulled back from record highs as investor focus turned to the surge in virus cases and new lockdown measures, overshadowing optimism that Covid-19 vaccines will eventually end the pandemic.

Pharmacy chains were among the worst performers on the S&P 500 Index after Amazon.com Inc. unveiled a new push into prescription drugs. Tesla Inc. jumped on news the carmaker will join the benchmark U.S. gauge. Treasury yields dipped along with the dollar as Federal Reserve Chair Jerome Powell said the U.S. economy still has a “long way to go” before it fully recovers from the pandemic.