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US stocks slide from record highs amid concerns around the economic impact of rising COVID-19 cases

US stocks slide from record highs amid concerns around the economic impact of rising COVID-19 cases

New York Stock Exchange on Nov. 20, 2018.
Xinhua/Wang Ying via Getty Images




US stocks slipped from record highs as investors grow more concerned about the surge in Delta variant cases.




https://www.businessinsider.com/?hprecirc-bullet?utm_source=markets&utm_medium=ingest?utm_source=markets&utm_medium=ingestStill, major indexes notched monthly gains, with the S&P 500 up for the seventh consecutive month.




"Stocks can't go up forever," a strategist said. "This reinforces our belief that in the event of a well-deserved pullback."




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US stocks slipped from record highs Tuesday as investors grow concerned about the economic impact of rising COVID-19 cases.Consumer confidence data released on Tuesday fell to a six-month low, indicating that Americans have been less inclined to purchase big-ticket items. US consumers however were more willing to spend on travel and hospitality as lockdown restrictions ease.The headline consumer confidence index fell to 113.8, worse than the 123 consensus estimate and downwardly revised 125.1 prior reading. Edward Moya, senior market analyst at OANDA, said the reading "should add to the worry that we are seeing the peak with the US consumer."Labor market data, meanwhile, is due out Friday. Deutsche Bank's US economists expect the pace of hiring to slow after a strong July report.
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