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
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%.