Dow tumbles 915 points as coronavirus spread offsets stimulus bill passage
- Major US stock indexes slipped on Friday as coronavirus infections in the US increased to outnumber those in China.
- Investors also further digested dire jobless-claims data and awaited President Donald Trump's final signature on a $2 trillion coronavirus stimulus bill.
- The decline ended a three-day rebound for US equities, the first such streak of gains since mid-February.
- The Dow Jones industrial average is fresh off a 21% spike over just three days - pushing it back into bull market territory after a short respite.
- Watch all major indexes update live here.
Stocks plunged on Friday as coronavirus infections in the US increased to outnumber those in China for the first time.Investors also further digested dire jobless-claims data and awaited President Donald Trump's final signature on a $2 trillion coronavirus stimulus bill. The decline ended a three-day rebound for US equities, the first such streak of gains since mid-February.Advertisement
Here's where the major US indexes stood at the market close on Friday:
- S&P 500: 2,541.47, down 3.4%
- Dow Jones industrial average: 21,636.78, down 4.1% (915 points)
- Nasdaq composite: 7,502.38, down 3.8%
Read more: 'The worst bear market of our lifetime': A Wall Street investment chief who predicted the recession warns stocks may fall 64% before the dust settles - and lays out 3 trades set to profit from the coronavirus crashThe Dow Jones industrial average was fresh off a 21% spike over just three days - pushing it back into bull market territory after a short respite.
The strong week for stocks came amid optimism about the $2 trillion stimulus bill, which was finally passed in the House on Friday. The legislation calls for direct payments of $1,200 to many Americans, bolstered unemployment benefits, and hundreds of billions of dollars in loans for struggling businesses.Read more: The world's biggest wealth manager expects the worst of the coronavirus to be over in the US by May - and lists 5 ways investors should prepare for the recovery nowBrent crude oil traded low on Friday as the global price war rages on. Gold fell 1.7%, holding on to gains made earlier in the week. The precious metal skyrocketed in Monday's and Tuesday's sessions after Goldman Sachs recommended clients buy the haven amid the growing market panic.Advertisement
Now read more markets coverage from Markets Insider and Business Insider:SOCIETE GENERALE: The S&P 500 is flirting with an upper limit - and could fall another 30% amid economic recessionAdvertisement
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