Dow falls more than 300 points, but Nasdaq turns back positive as tech recovers
The Dow Jones Industrial Average fell sharply on Thursday, erasing its gains for the week, amid renewed concerns over the coronavirus and its impact on the economy.
The 30-stock average dropped 400 points, or 1.5%. The S&P 500 slid 0.9%. Thursday’s decline put the Dow 0.5% lower week to date. The Nasdaq Composite recovered from an earlier decline to trade just above the flatline.
Walgreens was the biggest laggard in the Dow, dropping nearly 10% on weaker-than-expected earnings for the previous quarter. Walgreens also suspended a share repurchase program. Boeing also fell more than 3%.
Shares of companies that would benefit from the economy reopening struggled. United Airlines, Delta and American all fell more than 4%. Carnival Corp dropped 2.5% and Royal Caribbean slid 5.5%. Kohl’s declined by 6.8%.
Stocks hit their lows of the day after Florida reported a record in coronavirus-related hospitalizations. The state also reported a record …continued .
[Source: CNBC News]