US STOCKS-Wall Street retreats as business activity slows, raising fears over economy

Wall Street’s main indexes fell on Wednesday after data showing a cooling of U.S. business activity and the stalemate in Congress over more fiscal stimulus heightened fears of a choppy economic recovery from the pandemic-driven recession. The economy is leveling off at about 80% of activity before the pandemic and won’t get back to normal until a vaccine is in place, said Jason Pride, chief investment officer of private wealth at Glenmede in Philadelphia. Investors are struggling to understand where to invest with mega-cap tech stocks overvalued, but the deep-value stocks represent maturing industries, such as energy and brick-an- mortar banks, he said.


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