Stocks fell on Thursday as an increasing number of U.S. coronavirus cases raised concerns over the health of the economy heading into year-end.

The Dow dropped 317.46 points, or 1.1%, to 29,080.17. The 30-stock average fell as much as 495 points earlier in the session. The S&P 500 slid 1.0%, or 35.65 points, to 3,537.01, while the Nasdaq Composite dropped 0.7%, or 76.84 points, to 11,709.59.

Thursday’s decline left the S&P 500 just 0.8% above its Friday closing level of 3,509.44, giving back most of the gains from the vaccine rally earlier this week.

Travel and bank stocks were among the biggest laggards on Thursday. United Airlines fell more than 4%, while Carnival dropped 7.9%. JPMorgan Chase, Citigroup and Wells Fargo were all down more than 1%.
 

Plan A : Long only if market supported firm above 3559. Targets are 3575, 3589 and 3607.

Plan B : Short if market failed to support above 3559. Targets are 3535, 3507 and 3480.

U.S. stock futures were flat early Friday morning as Wall Street continues to grapple with the rising number of coronavirus cases and its potential economic impact.

Sentiment on Thursday soured even further after Federal Reserve Chairman Jerome Powell said the country’s economic outlook remained uncertain. “With the virus spreading, the next few months could be challenging,” he said.

On the data front, initial weekly jobless claims fell last week to 709,000 from 757,000 in the prior week, the Labor Department said Thursday. That market the fourth straight weekly decline for initial claims.

Plan A : Long if market doesn't retrace much and supported firm above 11817. Targets are 11845, 11880 and 11906.

Plan B : Short if market failed to support above 11817. Targets are 11778, 11739 and 11695.