Stocks dropped sharply Friday as several states reversed some reopening plans after coronavirus cases rose. Bank stocks fell after the Federal Reserve limited dividend payments and barred share repurchases for the third quarter. For the week, the Dow fell 3.31 percent to close at 25,015.55. The S&P lost 2.86 percent to finish at 3,009.05, and the NASDAQ dropped 1.90 percent to end the week at 9,757.22.
Stocks were up and down Friday as investors digested news of virus resurgences in pockets around the globe. At the close, the NASDAQ was up slightly, while the Dow and S&P were down. All three major indexes made gains for the week; the S&P achieved its fourth positive week in five. For the week, the Dow rose 1.07 percent to close at 25,871.46. The S&P gained 1.88 percent to finish at 3,097.74, and the NASDAQ climbed 3.74 percent to end the week at 9,946.12.
It was a choppy week on Wall Street amid fears of a second wave of coronavirus infections as states reopen and crowded protests continue. Stocks saw their worst sell-off since March on Thursday after Fed Chair Jerome Powell warned of possible long-term joblessness, but stocks rose Friday. For the week, the Dow fell 5.51 percent to close at 25,605.54. The S&P lost 4.73 percent to finish at 3,041.31, and the NASDAQ dropped 2.27 percent to end at 9,588.81.
Stocks rose sharply Friday after the Labor Department reported the U.S. economy added 2.5 million jobs in May and unemployment dropped to 13.3 percent – compared to an expected surge to 19.8 percent. Airline stocks jumped as the industry added more flights. For the week, the Dow rose 6.85 percent to close at 27,110.98. The S&P gained 4.96 percent to finish at 3,193.93, and the NASDAQ climbed 3.44 percent to end the week at 9,814.08.
Stocks ended mostly higher on Friday after the White House said it would end special treatment of Hong Kong in light of China’s recent security crackdowns but did not indicate it would pull out of the Phase 1 trade agreement with China. The three major indexes posted gains for the week and the month. For the week, the Dow rose 3.85 percent to close at 25,383.11. The S&P gained 3.04 percent to finish at 3,044.31, and the NASDAQ climbed 1.79 percent to end the week at 9,489.87.