Stocks sag on concerns about Covid, global growth

New York

Global stocks mostly fell as worries about rising Covid-19 cases and their effect on global growth weighed on sentiment, pushing Wall Street into the red for the week.

After data showed an unexpected rise in US retail sales, Wall Street pushed higher at the open. But markets soon tumbled into the red and losses grew as the day progressed.

Analysts pointed to profit taking as a factor in Friday’s session and throughout the week following records earlier in the month.

Investors are “continuing to trim winning positions” as they await more clarity on the course of the economy, said analyst Patrick O’Hare.

The broad-based S&P 500 ended down 0.8 percent at 4,327.16, taking its weekly losses to around one percent.

The highly-contagious Delta variant has led to surging infection rates in many parts of the world, leading authorities to reimpose certain restrictions.

“Covid-19 concerns still linger and the economic outlook is not as bright as it was just a few weeks ago,” said market analyst Edward Moya at trading platform Oanda.—AFP

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