Dow falls 730 points as investors weigh surge in COVID-19 cases
US stocks fell on Friday as spiking coronavirus cases threaten to slow economic reopenings.
Bank stocks slumped after the Federal Reserve said on Thursday that it would limit stock buybacks and cap dividends. The Commerce Department said on Friday that US consumer spending jumped by a record amount in May even as personal incomes fell.US stocks fell on Friday as investors continued to watch spiking coronavirus cases threaten economic-reopening efforts nationwide.
Investors have been closely watching as surges in new coronavirus cases throw off some states' reopening progress. Texas and Florida have recently paused plans.. Texas Gov. Greg Abbott also placed new restrictions on some other businesses to curb the spread of COVID-19.
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