US STOCKS-Wall St dips on concerns over fading stimulus, virus fears

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* Pfizer up on plans to submit U.S. EUA for COVID-19 vaccine
* Ross Stores gains after results
* Three major U.S. stock indexes down 0.1%

(Updates to market open)
By Shivani Kumaresan and Medha Singh
Nov 20 (Reuters) - Wall Street's main indexes dipped on
Friday as fears grew over fading stimulus and the blow to the
economy from increasing coronavirus infections.
U.S. Treasury Secretary Steven Mnuchin on Friday defended
his decision to end several of the Federal Reserve's key
pandemic lending programs on Dec. 31, saying Congress should use
the money to help small U.S. companies with grants instead.
The decision to end the program, which was deemed essential
by the central bank, comes as data showed a rise in jobless
claims last week as new business restrictions to control
spiraling COVID-19 infections likely unleashed a fresh wave of
layoffs. California and Ohio imposed nightly curfews on Thursday,
joining 20 U.S. states to have adopted new mandates this month
to fight the spread of the virus. "I don't think we will go through a full-blown contraction
or a complete shutdown, but as the vaccine starts to roll out
there is potential for tremendous economic improvement next
year," said Scott Brown, chief economist at Raymond James in St.
Petersburg, Florida.
U.S. Senate Democratic leader Chuck Schumer and Republican
Majority Leader Mitch McConnell decided to resume COVID-19
relief talks on Thursday. The S&P 500 and the Dow were little changed over this week
following two strong weeks of gains, as investors juggled
between growing optimism over an effective coronavirus vaccine
and near-term economic damage from the surging COVID-19
infections.
Major banks have upgraded their stock market forecasts for
2021 after recent promising data from COVID-19 vaccine trials.
At 09:45 a.m. ET the Dow Jones Industrial Average .DJI
fell 37.28 points, or 0.13% to 29,445.95, the .SPX lost 2.00
points, or 0.06% to 3,579.87 and the .IXIC lost 9.78 points,
or 0.08% to 11,894.94.
All major S&P sectors slipped, barring utilities .SPLRCU .
Pfizer Inc PFE.N rose 1.8% as the company said it has
applied to U.S. health regulators for emergency use
authorization of its COVID-19 vaccine. Apparel and home fashion retailer Ross Stores Inc ROST.O
gained 2% after its quarterly sales topped expectations.
Gilead Sciences Inc GILD.O fell 1% as a World Health
Organization panel advised against the use of remdesivir for
patients hospitalized with COVID-19, saying there was no
evidence the drug improves survival or reduces the need for
ventilation. Declining issues matched advancing ones on the NYSE, and on
the Nasdaq a 0.7-to-1 ratio favored decliners.
The S&P 500 posted nine new 52-week highs and no new low,
while the Nasdaq Composite recorded 65 new highs and four new
lows.