Here's what happened to the market on Thursday

The New York Stock Exchange (NYSE) stands in lower Manhattan on May 18, 2020 in New York City.
Spencer Platt | Getty Images

Dow Jones Industrial Average falls 147 points

The Dow fell 147.63 points, or 0.58%, to close at 25,400.64. The S&P 500 dipped 0.21% to 3,029.73. The Nasdaq Composite advanced 0.46% to 9,368.99. Stocks closed lower after President Donald Trump said he would hold a news conference regarding China on Friday

U.S.-China concerns dent sentiment

Trump's announcement came after China's National People's Congress approved a national security bill for Hong Kong. The bill will bypass Hong Kong's legislature, raising concerns over the longevity of Hong Kong's "one party, two systems" principle, which allows additional freedoms mainland China does not have. That announcement sent stocks tumbling in the final hour of trading. Stocks had traded higher for most of the session as the latest unemployment data signaled the worst of the economic damage from the coronavirus pandemic may be over. 

Banks slide

Bank stocks fell broadly on Thursday, giving back some of their strong gains for the week. Citigroup fell 5.93% while JPMorgan Chase slid 1.49%. Bank of America dropped 4.31%. 

What happens next?

International trade numbers, along with personal income data, are set for release Friday. Federal Reserve Chairman Jerome Powell is also scheduled to speak.

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