New York: The S&P 500 closed lower after a choppy session on Tuesday as investors took profits following a warning from the top U.S. infectious disease expert that premature moves to reopen the nation's economy could lead to novel coronavirus outbreaks and set back economic recovery.
Optimism about an economic recovery and massive stimulus measures have already helped the S&P 500 climb about 34per cent to Tuesday's intraday high from the March 23 low of the pandemic-driven selloff. "This market today is playing it a little safer," he said. "People are very nervous about how the reopening is going to go."
But prices for food consumed at home rose 2.6per cent in the largest advance since February 1974, leaving some investors anxious about the prospect of stagflation, if consumers cannot keep up with price increases for essentials.