The Dow closed 915.39 points lower, or 4.06%, at 21,636.78. The S&P 500 slid 3.37% to 2,541.47. The Nasdaq Composite pulled back 3.79% to 7,502.38. Stocks fell broadly after a sharp spike in U.S. coronavirus cases led investors to take profits following a massive three-day rally.
US with most virus cases
Data compiled by Johns Hopkins University showed the U.S. now has the most confirmed coronavirus cases in the world, surpassing China and Italy. The U.S. now has more than 85,000 confirmed cases. The grim data took a bite out of the Dow and S&P 500's sharp gains for the week. Both indexes were also coming off their biggest three-day surge since the 1930s. Stocks recovered some of their Friday losses, however after the House passed a massive economic stimulus bill, sending it to President Donald Trump for signing.
Boeing slides, oil drop roils energy stocks
Boeing shares slid more than 10% to end a volatile week for the airplane maker. The drop came after Treasury Secretary Steven Mnuchin said Boeing would not seek a government bailout. A 4.8% drop in oil prices drove the S&P 500 energy sector down by nearly 7%.
What happens next?
Investors will be on the lookout for any new developments on the coronavirus front. Pending home sales data are set for release Monday at 10 a.m.
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Source: cnbc.com
