Stocks drop as coronavirus crunches the job market, economy

News

NEW YORK (AP) – Stocks fell Friday following the latest grim reading of the coronavirus outbreak’s economic toll. The government reported that more than 700,000 jobs were lost last month, as businesses across the country shut down.

Economists expect that far worse data is on the way. Some investors sold to get out of stocks ahead of the weekend, when even more bad news could arrive on the outbreak, as has become the routine in recent Fridays.

The market’s losses accelerated after New York announced its biggest daily jump yet in deaths. The S&P 500 fell 1.5% to cap its third down week in the last four. 

Copyright 2020 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Trending Stories