Wall Street remains worried about a spike in new cases across the country.
The Dow Jones Industrial Average was down 0.8%, over 200 points, at Friday’s open, while the S&P 500 fell 0.6% and the tech-heavy Nasdaq Composite lost 0.5%on the banking industry for the first time since the aftermath of the 2008 financial crisis, requiring them to suspend share buybacks and cap dividend payments in the third quarter of 2020.
The Fed’s annual stress test found that “several” big banks could get uncomfortably near minimum capital levels if the coronavirus recession worsens. Stocks also continued to take a hit from rising fears over a resurgence of coronavirus, with the United States posting a of nearly 40,000 new cases on Thursday, surpassing the previous peak in April, according to data from Johns Hopkins University. : Some, like Texas and Florida, have been forced to pause their reopening plans due to thousands of daily new cases.
The market’s losses came despite a record rise in consumer spending last month: The Commerce Department on Friday reported that spending increased 8.2% in May, its largest one-month gain ever.
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