(CNBC) Stocks fell sharply on Friday after Texas rolled back some of its reopening measures, raising concern about the latest spike in coronavirus cases and its impact on the economy.
The Dow Jones Industrial Average closed 730.05 points lower, or 2.8%, at 25,015.55. The S&P 500 slid 4.2% to 3,009.05 and the Nasdaq Composite dropped 2.6% to close at 9,757.22.
Those losses led to the major averages’ second weekly drop in three weeks. The Dow and S&P 500 fell 3.3% and 2.9%, respectively, for the week and the Nasdaq lost 1.9% in that time period.
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“Coronavirus cases are spiking and reopenings are being delayed, which at a minimum will impact earnings,” said Tom Essaye, founder of The Sevens Report.