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Wall Street Tumbles on Rising Coronavirus Cases; Banks Lead Declines 2 New York

The Dow Jones Industrial Average fell 637.86 points, or 2.48%, to 25,107.74, the S&P 500 lost 58.79 points, or 1.91%, to 3,024.97 and the Nasdaq Composite dropped 187.50 points, or 1.87%, to 9,829.50.
Facebook Inc shares shed 6.6%, weighing the most on the S&P 500 and Nasdaq, after Unilever PLC and Verizon Communications Inc joined an advertising boycott that called out the social media giant for not doing enough to stop hate speech on its platforms.
Nike Inc shares dropped 7.1% as the footwear maker, hurt by store closures due to the pandemic, posted a surprise quarterly loss.
Gap Inc shares surged 18.1% after the retail chain entered a 10-year deal with rapper and fashion designer Kanye West to create a line of clothing under his Yeezy brand.
Friday also marks the reconstitution of the FTSE Russell indexes, including the large-cap Russell 1000 and small-cap Russell 2000. Daily trading volume is often among its highest levels of the year during the reconstitution.
Declining issues outnumbered advancing ones on the NYSE by a 4.49-to-1 ratio; on Nasdaq, a 4.44-to-1 ratio favored decliners.
The S&P 500 posted five new 52-week highs and no new lows; the Nasdaq Composite recorded 49 new highs and 23 new lows.


Source: Saudi Press Agency

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