US stocks fell on Friday to end the day and week lower against assets deemed risky as Texas and Florida were forced to back down on plans to reopen COVID-19 locks. amid a record number of new cases reported across the country. The Dow Jones Industrial Average SPX,
They fell 730 points, or 2.8%, around 25,015, marking the steepest decline for the index since June 11. Meanwhile, the S&P 500 SPX Index,
finished 2.4% lower at 3,009, while the Nasdaq Composite Index COMP,
closed 2.6% lower at 9,757. Shares of media giants Facebook Inc. FB,
and Twitter Inc. TWTR,
fell more than 7% after Unilever NV UN,
He said he would team up to stop advertising on the platforms until concerns about hate speech are addressed. Meanwhile, XLF bank stocks,
were hit, led by a steep drop in Goldman Sachs GS,
after the Federal Reserve’s annual bank stress tests required banks to preserve capital by suspending share buybacks and dividend payments in the third quarter based on average net income for the past four quarters. During the week, the Dow closed 3.3% lower, the S&P 500 registered a weekly decrease of 2.9%, while the Nasdaq lost 1.9% during the period.
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