Stocks closed broadly lower Friday as confirmed new coronavirus infections in the U.S. hit an all-time high, leading Texas and Florida to roll back the reopening of their economies. The developments undercut Wall Street’s hopes that the reopening of businesses would deliver a relatively swift economic recovery.
The sell-off capped a choppy week of trading that erased the S&P 500’s gains for the month. Technology, communications and financial stocks accounted for a big slice of the losses. Bond yields were mixed.
The S&P 500 fell 74.71 points, or 2.4%, to 3,009.05.
The Dow Jones Industrial Average lost 730.05 points, or 2.8%, to 25,015.55.
The Nasdaq composite dropped 259.78 points, or 2.6%, to 9,757.22.
The Russell 2000 index of small company stocks slumped 34.53 points, or 2.4%, to 1,378.78.
For the week:
The S&P 500 fell 88.69 points, or 2.9%.
The Dow dropped 855.91 points, or 3.3%.
The Nasdaq slid 188.91 points, or 1.9%
The Russell 2000 lost 39.85 points, or 2.8%.
For the year:
The S&P 500 is down 221.73 points, 6.9%.
The Dow is down 3,522.89 points, or 12.3%.
The Nasdaq is up 784.61 points, or 8.7%.
The Russell 2000 is down 289.69 points, or 17.4%.