Wall Street dropped again Friday to close out its first losing week in three after reports showed the pandemic is deepening the hole for the economy, as Washington prepares to throw it another lifeline.
Stocks of companies that most need a healthier economy took some of the sharpest losses. Treasury yields also dipped as reports showed shoppers held back on spending during the holidays and are feeling less confident.
Stocks have run out of steam since setting a record a week before on optimism that COVID-19 vaccines and more stimulus from Washington will bring an economic recovery.
The S&P 500 fell 27.29, or 0.7%, to 3,768.25.
The Dow Jones Industrial Average lost 177.26, or 0.6%, to 30,814.26.
The Nasdaq composite dropped 114.14, or 0.9%, to 12,998.50.
The Russell 2000 index of smaller companies lost 32.15, or 1.5%, to 2,123.20.
For the week:
The S&P 500 is down 56.43 points, or 1.5%.
The Dow is down 283.71 points, or 0.9%.
The Nasdaq is down 203.47 points, or 1.5%.
The Russell 2000 is up 31.54 points, or 1.5%.
For the year:
The S&P 500 is up 12.18 points, or 0.3%.
The Dow is up 207.78 points, or 0.7%.
The Nasdaq is up 110.22 points, or 0.9%.
The Russell 2000 is up 148.35 points, or 7.5%.
The Associated Press