Banks helped drag stocks lower on Wall Street Thursday amid worries that recent improvements in the economy may be set to stall as coronavirus cases continue to climb.
The S&P 500 lost nearly all of its gains from the day before, with the sharpest drops hitting oil producers and other stocks whose fortunes are most closely tied to a reopening and strengthening economy. Investors continued to push big technology stocks higher, which drove the Nasdaq composite to another all-time high.
Treasury yields fell in a sign of continued caution in the market.
The S&P 500 fell 17.89 points, or 0.6%, to 3,152.05.
The Dow Jones Industrial Average lost 361.19 points, or 1.4%, to 25,706.09.
The Nasdaq composite rose 55.25 points, or 0.5%, to 10,547.75, a record high.
The Russell 2000 index of small company stocks gave up 28.48 points, or 2%, to 1,398.92.
For the week:
The S&P 500 is up 22.04 points, or 0.7%.
The Dow is down 121.27 points, or 0.5%.
The Nasdaq is up 340.12 points, or 3.3%
The Russell 2000 is down 32.94 points, or 2.3%.
For the year:
The S&P 500 is down 78.73 points, 2.4%.
The Dow is down 2,832.35 points, or 9.9%.
The Nasdaq is up 1,575.14 points, or 17.6%.
The Russell 2000 is down 269.55 points, or 16.2%.