Stock market news live updates: Stocks recover to end slightly lower after concerns over new virus strain in UK, restrictions weigh

The stocks trimmed their losses on Monday as concerns arose over a new infectious strain of the coronavirus identified in the UK.
[Click here to read what's moving the markets on Tuesday December 22nd]
The Dow turned positive and ended slightly higher after falling more than 400 points, or 1.4%, to session lows. However, the S&P 500 and Nasdaq were still negative Monday afternoon, and stocks that could benefit from an economic reopening - including airlines, cruise lines, and lodging companies - fell sharply, undoing some of the gains made last month on the upside Vaccination optimism. The CBOE Volatility Index (^ VIX) rose briefly above 30 for the first time in five weeks.
The densely populated parts of the UK, including London, fell back into a more draconian state of lockdown over the weekend after experts discovered a new variant of COVID-19 that experts say was 70% more transmissible than the previous version of the virus in the country. The UK's FTSE 100 index (^ FTSE) was down 1.7% and the pound fell 1.9% again against the dollar (GBPUSD = X) on Monday morning in New York before losses were reduced.
More than two dozen countries have imposed travel bans in the UK in the past few days, with restrictions ranging in duration from days to months. Some key countries, including France, banned both travel and freight in and out of the country, leading to a possible food shortage in the UK before the Christmas holidays.
The new developments surrounding COVID-19 outweighed, at least temporarily, more positive news on the US political front on Sunday as lawmakers reached agreement on a $ 900 billion virus relief package and a fiscal year fiscal spending package. This ended a month-long stalemate due to greater relief among Congress legislators and White House officials. Discussions on the package accelerated this month as the end of the major unemployment programs approached the end of the year.
The stimulus package will include another round of direct checks to Americans for $ 600, improved federal unemployment benefits of $ 300 a week, and small business funding and vaccine distribution. Some of the more controversial points of previous economic negotiations - including state and local state aid and corporate liability protection - were not addressed in this deal. The text of the 5,593-page bill was published on Monday afternoon.
“For some time now, a stimulus deal has appeared to be the main psychological driver in the market. And last week's less-than-outstanding economic data may have encouraged bulls - the logic is that Congress has been asked to close a deal, ”Chris Larkin, chief executive of trading and investing products at E-Trade Financial, said in a Email on Monday morning. “With the incentives now mostly in retrospect, traders are likely looking for the next market driver. COVID mutations are a reality, and there is at least some disappointment with what is actually in the stimulus deal, meaning that it may translate into volatility as we narrow in late 2020. "
The House of Representatives stands ready to vote on the virus aid package on Monday before it is sent to the Senate.
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4:00 p.m. ET: stocks are barely changing after viruses hit slam markets at the start of the session
S & P 500 (^ GSPC): -14.47 points (-0.39%) to 3,694.94
Dow (^ DJI): +36.94 points (+ 0.12%) to 30,215.99
Nasdaq (^ IXIC): -13.12 points (-0.1%) to 12,742.52
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1:37 p.m. ET: Stocks cut losses as session opens, Dow turns positive
Here were the main moves in the markets as of 1:37 p.m. ET:
S & P 500 (^ GSPC): -14.96 points (-0.4%) to 3,694.26
Dow (^ DJI): +49.34 points (+ 0.16%) to 30,228.39
Nasdaq (^ IXIC): -26.48 points (-0.21%) to 12,729.29
Crude Oil (CL = F): - $ 1.62 (-3.3%) to $ 47.48 per barrel
Gold (GC = F): - $ 8.20 (-0.43%) to $ 1,880.70 per ounce
10 year Treasury (^ TNX): -1.2 basis points for a return of 0.936%
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10:45 a.m. ET: Tesla shares drop in S&P 500 on day one
Tesla (TSLA) shares fell as much as 6.3% on Monday morning on the first day of the stock as part of the S&P 500.
The electric car maker's shares experienced a volatile spate in the last hour of trading on Friday as money managers agreed to add tens of billion dollars worth of the company's shares to their index funds. With a market capitalization well over $ 600 billion, Tesla was the largest company ever to be included in the S&P 500 and is the sixth largest company in the index after Alphabet, but ahead of Berkshire Hathaway.
According to an analysis by Howard Silverblatt, senior index analyst for S&P Dow Jones Indices, it took $ 90.3 billion to add Tesla to funds tracking the S&P 500. Given the size of the stock, the S&P 500 moves forever $ 11.11 changes 1 point based on Friday's closing prices.
Tesla's market cap of $ 1 trillion on the horizon?
Colin Rusch - Managing Director and Senior Analyst at Oppenheimer - discusses with Yahoo Finance Live what the inclusion of Tesla in the S&P 500 means for the stock and the index and whether a market capitalization of trillion dollars is in sight for the manufacturer of electric vehicles.
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9:31 a.m. ET: stocks open lower
Here were the key moves in the markets as of 9:31 a.m. CET:
S & P 500 (^ GSPC): -44.04 points (-1.19%) to 3,665.37
Dow (^ DJI): -311.07 points (-1.03%) to 29,867.98
Nasdaq (^ IXIC): -125.31 points (-0.98%) to 12,635.21
Crude Oil (CL = F): - $ 2.21 (-4.5%) to $ 46.89 per barrel
Gold (GC = F): - $ 2.60 (-0.14%) to $ 1,886.30 per ounce
10 year Treasury (^ TNX): -1.8 basis points for a return of 0.93%
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9:20 a.m. ET: What We Know And Don't Know About The UK Coronavirus Variant: Yale's Forman
Dr. Howard Forman, professor of radiology and biomedical imaging, public health, management and economics at Yale University, cautioned against drawing conclusions about the effects of the newly identified UK coronavirus variant, as much about its transmission or resistance is unknown - or lack of it - to existing COVID-19 vaccines.
“I think there are two things that got people's attention. One is whether it is actually more contagious than the other strains. It is certainly possible that it is, but it is also not certain whether it is, "Forman told Yahoo Finance on Monday. “One of the possibilities is that just because the UK has just lifted a lockdown, people may feel more infectious, they have started to spread further, and you have had an increase in cases that may reflect this new variant. So we don't really know if this is more contagious, this is number one. "
"Number two, there is no evidence that it is more virulent, there is no evidence that it leads to more serious illness or more deaths," he added. “And I think the other most important thing right now is that people got stuck on this idea that the spike protein is mutated. And the spike protein as we know it is how the virus gets into the cells, and it's also how we all made our vaccines that target the spike protein at this point. There is no evidence that this change is currently making our vaccines less effective. "
"That's why these are really important to me, to remember a time when humility must come first," he said. "We know very, very little, we shouldn't panic about it."
UK coronavirus mutation "not surprising," says expert
Professor Dr. Yale School of Public Health's Howard Forman discusses the new strain of coronavirus in the UK with Yahoo Finance Live.
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7:13 a.m. ET Monday: Stock futures are clearly pointing to new virus jitter
Here were the main moves in the markets as of 7:13 a.m. and Monday:
S&P 500 futures (ES = F): 3,645.5, minus 60.75 points or 1.64%
Dow Futures (YM = F): 29,673.00, minus 440 points or 1.46%
Nasdaq Futures (NQ = F): 12,578.25, minus 134.25 points or 1.06%
Crude Oil (CL = F): - $ 1.87 (-3.81%) to $ 47.23 per barrel
Gold (GC = F): - $ 3.60 (-0.19%) to $ 1,885.30 per ounce
10-year Treasury (^ TNX): -4.5 basis points for a return of 0.903%
A Christmas tree is pictured outside the New York Stock Exchange during the coronavirus disease (COVID-19) pandemic in the Manhattan neighborhood of New York City, New York, the United States, on December 16, 2020. REUTERS / Carlo Allegri
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CL = F.
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