Dow Jones Industrial Average drops 730 points
The Dow slid 730.05 points, or 2.84%, to close at 25,015.55. The S&P 500 dropped 2.42% to 3,009.05. The Nasdaq Composite closed 2.59% lower at 9,757.22. A recent surge in coronavirus cases sent stocks tumbling as investors worry this resurgence could further damage the economy.
Texas, Florida roll back some reopening measures
Texas Gov. Greg Abbott said Friday the state will roll back some of its reopening measures as coronavirus cases and hospitalizations continue to rise. "At this time, it is clear that the rise in cases is largely driven by certain types of activities, including Texans congregating in bars," Abbott said in a release. Florida announced it would suspend "on premises consumption" of alcohol at bars in the state after reporting a surge of nearly 9,000 new virus cases. At a nationwide level, the daily average number of confirmed coronavirus cases is now more than 33,000.
Banks fall, reopening trade slide
Bank shares were under pressure after the Federal Reserve released its annual stress test results. Goldman Sachs dropped 8.65% and JPMorgan Chase fell 5.48%. Wells Fargo closed 7.42% lower. Shares of United and American Airlines — which stand to benefit from the economy reopening — closed lower by 5.19% and 6.00%, respectively.
What happens next?
Pending home sales numbers are set for release Monday at 10 a.m.
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