US STOCKS-Wall Street ends lower on stimulus uncertainty, Facebook weighs

  • Reuters
  • Stock Market News
US STOCKS-Wall Street ends lower on stimulus uncertainty, Facebook weighs

(For a live blog on the U.S. stock market, click LIVE/ or type LIVE/ in a news window)

* Facebook falls after antitrust lawsuit filed

* Lowe's jumps on $15 bln share buy-back plan

* DoorDash IPO opens at $182 per share (Adds market breadth, volume data)

By Chuck Mikolajczak

NEW YORK, Dec 9 (Reuters) - U.S. stocks closed lower on Wednesday, retreating from record levels as investors grew discouraged over the halting progress of economic stimulus talks, while a drop in Facebook shares provided an additional drag.

Investors are banking on a long-awaited relief package to help buttress an economy battered from the COVID-19 pandemic and related lockdowns that has led to millions of layoffs and overwhelmed the healthcare system.

U.S. Senate Majority Leader Mitch McConnell said lawmakers were still looking for a path toward an agreement on COVID-19 aid, as the U.S. House of Representatives prepared to vote on a one-week funding bill to provide more time for a deal. have been in a significant tug-of-war between vaccine news and virus news, and the vaccine news has won," said Art Hogan, chief market strategist at National Securities in New York.

"The tie-breaker in that tug of war has certainly been the potential for stimulus getting out of this Congress before they head home for the holiday," he added.

The Dow Jones Industrial Average .DJI fell 105.07 points, or 0.35%, to 30,068.81, the S&P 500 .SPX lost 29.43 points, or 0.79%, to 3,672.82 and the Nasdaq Composite .IXIC dropped 243.82 points, or 1.94%, to 12,338.95.

Positive updates on the COVID-19 vaccine development along with hopes for a fresh fiscal stimulus package have helped fuel a rise in Wall Street's main indexes to all-time highs, with the S&P 500 surpassing 3,700 points for the first time on Tuesday.

Facebook FB.O shares extended declines late in the session before closing down 1.93% after the U.S. Federal Trade Commission and nearly every U.S. state sued the social media company on Wednesday, saying that it broke antitrust law and should potentially be broken up. The news weighed on other mega cap names such as Alphabet GOOGL.O and sent the NYSE FANG+ ETF .NYFANG down 2.00%. overall valuations now at extremely high levels, some investors worry stocks could be more vulnerable to any bad news such as unexpected setbacks in the roll-out of coronavirus vaccines or delays in stimulus. allergic reactions were reported on the first day of the rollout of the Pfizer (NYSE: PFE ) PFE.N COVID-19 vaccine, the head of Britain's medicine regulator said on Wednesday. Inc DASH.N opened at $182 after pricing at $102 per share in its debut on Wednesday after the food delivery startup raised $3.37 billion in one of the biggest U.S. stock market launches so far in 2020. Shares closed up 85.79% at $189.51. improvement chain Lowe's Cos Inc LOW.N jumped 5.88% after announcing a new $15 billion share repurchase plan. Eli Lilly (NYSE: LLY ) LLY.N climbed 5.83% after flagging positive data from a late-stage clinical trial for its experimental drug designed to treat type 2 diabetes. on U.S. exchanges was 12.00 billion shares, compared with the 11.46 billion average for the full session over the last 20 trading days.

Declining issues outnumbered advancing ones on the NYSE by a 1.09-to-1 ratio; on Nasdaq , a 1.87-to-1 ratio favored decliners.

The S&P 500 posted 39 new 52-week highs and no new lows; the Nasdaq Composite recorded 233 new highs and 13 new lows.

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