The Dow and the broader US stock market tumbled Friday as investors grow increasingly worried about the economic outlook
The Dow shed 550 points, or 2.2%, while the S&P 500 -- the broadest measure of Wall Street -- fell 1.9%. The Nasdaq Composite dropped 2%.Banks were among the worst performers following the results of the Federal Reserve's stress test late Thursday.
That's bad for the consumer spending-addicted US economy: if people don't have money to spend, recovering from the pandemic recession will take longer.Meanwhile, the University of Michigan reported consumer sentiment slipped in the second half of June, in lockstep with a resurgence in Covid-19 cases in parts of the country.So far, the stock market has proven somewhat resilient against the climbing new infection rates in states like Texas and Florida.
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