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Stocks mostly fall on COVID-19 concerns

Video Credit: Reuters Studio
Published on June 19, 2020 - Duration: 01:19s

Stocks mostly fall on COVID-19 concerns

The S&P 500 ended lower Friday after a choppy session as investors weighed spiking cases of COVID-19 and Apple's announcement of fresh store closures against anticipated stimulus and continued economic recovery.

Fred Katayama reports.

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Stocks mostly fall on COVID-19 concerns

Apple's announcement that it'll close stores short-circuited Friday's rally and sent stocks mostly south.

The tech behemoth said it'll temporarily shut some stores in four states that have seen a spike in infections.

The Dow fell eight-tenths percent.

The S&P 500 shed half a percent, and the Nasdaq finished flat about 1% shy of its last closing high.

But for the week, the major indexes posted solid gains.

Payne Capital Management President Ryan Payne: "We have a saying, 'Never on a Friday.'

Fridays tend to be very, very fickle days, and I think selling Fridays usually get exacerbated, and you're seeing that right now.

But look, you're going to get some corrections in a bull market." The shutdown news drove Apple shares down half a percent.

Shares of AMC Entertainment dropped.

The world's largest theater operator did an about-face after facing a social media backlash.

It now says customers would have to wear face masks at all theaters it will reopen July 15.

It had earlier said masks would be optional.

No slack for Slack Technologies.

Its high-flying shares fell after Goldman Sachs cut its rating on the messaging app developer to "sell." Goldman said strong competition from Microsoft Teams could weigh on long-term growth and market share.

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