Stocks closed broadly lower Friday as confirmed new coronavirus infections in the U.S. hit an all-time high, leading Texas and Florida to roll back the reopening of their economies. The developments undercut Wall Street’s hopes that the reopening of businesses would deliver a relatively swift economic recovery.
The sell-off capped a choppy week of trading that erased the S&P 500’s gains for the month. Technology, communications and financial stocks accounted for a big slice of the losses. Bond yields were mixed.
The S&P 500 fell 74.71 points, or 2.4%, to 3,009.05.
The Dow Jones Industrial Average lost 730.05 points, or 2.8%, to 25,015.55.