Dow slides by 100 points

Business | 20 Nov 2020 11:03 pm

US stocks fell on Friday as rising new coronavirus cases cast doubt on a swift economic recovery.

The Dow Jones Industrial Average dropped by 100 points, or 0.3 percent. The S&P 500 slid by 0.2 percent along with the Nasdaq Composite, CNBC reports.

JPMorgan Chase and American Express were among the worst-performing stocks in the Dow, falling by 0.9 percent and 0.8 percent, respectively. Financials fell by 0.5 percent to lead the S&P 500 lower along with energy.

The major averages were roughly flat for the week entering Friday’s session as the increasing number of cases slows the market’s rally to record highs. The Dow and S&P 500 were little changed through Thursday’s close and the Nasdaq Composite had gained by 0.6 percent.

“The market is churning a bit as investors digest the recent ramp higher, grapple with a worsening in the coronavirus spread,” Tony Dwyer, Canaccord Genuity’s chief market strategist, said in a note.

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