A Wall Street slump to end the week amid growing concerns the economic recovery is in jeopardy due to a continued wave of new COVID-19 cases.
The Dow tumbled 730 points. The S&P 500 gave up 74. The Nasdaq dropped 259 points.
Peter Kenny is founder of Strategic Board Solutions: "There are some sectors of the market that are really pulling the broader market lower and we can see that in the Dow and the industrials. We can see that in the S&P 500 in the financials, particularly. The lack of participation of the financials on the trade higher has truly acted to mute any substantial or further gains as it stands right now. So financials, industrials both - not really helping the cause for the bulls."
Banks did play a major role in the market downturn Friday...after the Federal Reserve temporarily capped bank dividend payout and banned share buyback. Goldman Sachs was the weakest of all the big banks – down close to 9 percent.
Nike was another drag. That stock fell nearly 8 percent after it shocked investors with a surprise quarterly loss.
Airline stocks were under pressure even as industry CEOs went to the White House.
There are discussions about who should be responsible for taking passenger temperatures in order reassure the flying public they’re less likely to catch the virus while flying.
But American Airlines revived health concerns when it announced it will start filling the middle seat again starting July 1st.
The big three got whacked. American was down 6 percent. United lost 5 percent. Delta shed roughly 4 percent.