Stocks closed lower on Wall Street Thursday, undercut in part by a discouraging report showing that layoffs are picking up across the country along with confirmed new coronavirus cases.
The S&P 500 had its first loss in five days and its biggest drop in nearly four weeks. Technology companies had the sharpest drops after a better-than-expected profit report from Microsoft wasn’t enough to satisfy investors expecting even more.
The S&P 500 fell 40.36 points, or 1.2%, to 3,235.66.
The Dow Jones Industrial Average dropped 353.51 points, or 1.3%, to 26,652.33.
The Nasdaq composite lost 244.71 points, or 2.3%, to 10,461.42.
The Russell 2000 index of small company stocks inched up 0.06 points, or less than 0.1%, to 1,490.20.
For the week:
The S&P 500 is up 10.93 points, or 0.3%.
The Dow is down 19.62 points, or 0.1%.
The Nasdaq is down 41.77 points, or 0.4%
The Russell 2000 is up 16.88 points, or 1.1%.
For the year:
The S&P 500 is up 4.88 points, 0.2%.
The Dow is down 1,886.11 points, or 6.6%.
The Nasdaq is up 1,488.81 points, or 16.6%.
The Russell 2000 is down 178.27 points, or 10.7%.