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Wall Street dips on news of Apple Store closures, prospects of new shutdowns

Stock Markets Jun 19, 2020 02:40PM ET
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By Stephen Culp (NYSE:CULP)

(Reuters) - Wall Street lost ground on Friday, reversing earlier gains as spiking cases of COVID-19 and Apple Inc (NASDAQ:AAPL)'s announcement of fresh store closures heightened concerns that a new round of lockdowns would be imposed and delay an economic recovery.

All three major U.S. stock indexes were in the red after two days of range-bound, sideways movement.

"It went from a fairly positive day to a weak day fairly dramatically and quickly," said Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia. "Which doesn't surprise me for a summer Friday during a pandemic and extreme economic weakness and political uncertainty heading into the weekend."

Apple Inc announced it is temporarily shutting some stores again in Florida, Arizona, South Carolina and North Carolina.

New cases of COVID-19 set records across at least six U.S. states, and mandated mask use is becoming more common as economies continue reopening. China, where the pandemic originated but had been contained, also reported an uptick in new cases of the disease.

"Throughout the week there have been increasing news items regarding a spike of COVID cases in the U.S. and around the world, and that's led to fears of the economy not recovering as quickly as people hoped," Tuz added.

"And Apple closing stores is a good example of that."

Still, for the week, the S&P 500, the Dow and the Nasdaq are all on track to post solid percentage gains.

The S&P 500 and the Dow are now about 9% and 13% shy of their respective all-time highs reached in February. The tech-heavy Nasdaq hovers around 1% below its last closing high reached on June 10, after breaching that level earlier in the session.

Trading volume is typically light on summer Fridays as investors head into the weekend.

But Friday marks "quadruple witching," in which futures and options expiries occur, and that typically translates into elevated volume and liquidity. The S&P is synchronizing its delayed rebalancing to take advantage of that liquidity, which could drive volumes even higher.

In a video conference, U.S. Federal Reserve Chair Jerome Powell warned the economic recovery from the pandemic is set to be challenging and there will be no quick fix.

The Dow Jones Industrial Average fell 266.56 points, or 1.02%, to 25,813.54, the S&P 500 lost 26.47 points, or 0.85%, to 3,088.87 and the Nasdaq Composite dropped 53.46 points, or 0.54%, to 9,889.59.

Of the 11 sectors in the S&P 500, 10 were trading in the red, with healthcare as the sole gainer.

AMC Entertainment (NYSE:AMC) Holdings Inc, the world's largest movie theater operator, dipped 2.0% after its announcement that it would reopen theaters at about 450 locations in the United States next month was tempered by renewed shutdown fears.

Declining issues outnumbered advancing ones on the NYSE by a 1.68-to-1 ratio; on Nasdaq, a 1.33-to-1 ratio favored decliners.

The S&P 500 posted 18 new 52-week highs and no new lows; the Nasdaq Composite recorded 117 new highs and 2 new lows.

Wall Street dips on news of Apple Store closures, prospects of new shutdowns
 

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Comments (60)
Chris Sundo
Chris Sundo Jun 19, 2020 9:30PM ET
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Wherever red necks live that's where they put profits ahead of people's lives, ie in red states. Shrug my shoulders. The intelligencia learns from books and respects the nation's medical advisors. Trumpish people will learn in time. Blue states listen to the elders and protect lives before profits. Covid is nothing to play with.
Tim Mcdaniel
Tim Mcdaniel Jun 19, 2020 5:03PM ET
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globalist democrats Anti trump shenanigans
heather bailey
HeatherWins Jun 19, 2020 2:53PM ET
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The absolute best ship stock on the market at this moment is TNK. Maybe ASC too. Tankers that get overlooked and unnoticed. Both with fantastic earnings and a recent target price on TNK of $26 dollars. It's entry is 14.20. They are the ones that are going to double peoples money and overnight. Look them up, I mean their price targets and earnings. They are beating everyone and go unnoticed.
Brandon Son
Brandon Son Jun 19, 2020 2:43PM ET
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fed will do stuff over the weekend dont worry
Adam Arizaga
Adam Arizaga Jun 19, 2020 2:36PM ET
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They changed the article title could have sworn this said “DOW jumps 200 points”
TimAi Day
TimAi Day Jun 19, 2020 1:49PM ET
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This market is racist.
TimAi Day
TimAi Day Jun 19, 2020 1:49PM ET
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Ronald Warren it is down on june 19th.
Perma Poor
Perma Poor Jun 19, 2020 1:36PM ET
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I wonder how people who write these articles when the narrative shifts completely away from their genius analysis. Kek
Perma Poor
Perma Poor Jun 19, 2020 1:36PM ET
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Nice fadeaway Friday. Liars but I knew that 😭
Camaro Camero
Camaro Jun 19, 2020 12:45PM ET
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Nope.
Ali Rahimi
Ali Rahimi Jun 19, 2020 12:44PM ET
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Up or downnñnnnnnnnn!!!!!
 
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