Coronavirus spikes fuel markets decline

11 months ago 42
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June 26 (UPI) -- The three major U.S. stock indexes slid Friday and closed down for the week amid fears of the economy taking a further hit from spiking coronavirus cases.

The Dow Jones Industrial Average dropped 731 points, or 2.84 percent Friday, the S&P 500 dropped 74 points, or 2.42 percent, and Nasdaq Composite dropped 259 points, or 2.59 percent.

The indexes hit their lowest levels in two weeks as COVID-19 cases spiked in Florida and Texas, causing two of the largest economies in the country to roll back some reopening efforts. Leaders in both states announced the closure of all bars and nightclubs, and Texas further restricted the capacity at which restaurants can operate.

The Dow was down 3.31 percent for the week, the S&P 500 down 2.86 percent and the Nasdaq down 1.9 percent.

Commerce Secretary Wilbur Ross, though, indicated the economy was in recovery as consumer spending saw an 8.2 percent uptick in May.

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