U.S. stocks finished well off their worst levels Friday, but eked out respectable weekly gains as investors continued to react to rising infections of coronavirus. A 10% decline for oil after an OPEC deal collapsed also weigh on market sentiment. The Dow Jones Industrial Average closed about 253 points, 1%, lower, near 25,868, while the S&P 500 lost about 52 points, 1.7%, to close near 2,972. The Nasdaq Composite closed down about 163 points or 1.9%, at about 8,577. All three benchmarks were sharply lower midday but pared losses in the final half-hour of trade. The Dow finished the week up 1.8%, the S&P 500 rose 0.6% and the Nasdaq edged up 0.1%. Bank stocks were hammered as benchmark interest rates plunged, highlighted by the 10-year Treasury note yield hitting a historic intraday low below 0.70%. Bank of America Corp. (BAC) shares ended down 10% for the week and shares of JPMorgan Chase Inc. (JPM) fell about 7% in that period, as its CEO Jamie Dimon is recovering from emergency heart surgery.
-Andrea Riquier; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
March 06, 2020 16:10 ET (21:10 GMT)
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