Stocks retreat even as House passes $2 trillion stimulus package

Simon closes all malls through the end of March


U.S. stocks pulled back Friday following three straight days of gains, signaling lingering caution among investors on the outlook for the U.S. economy even as Congress passed a massive coronavirus relief package.

The Dow Jones Industrial Average slumped 915.39 points to close at 21,636.78, as the U.S. eclipsed China as the global leader in virus cases. The Standard & Poor’s 500 fell 3.4% to finish at 2,541.47.

Despite Friday’s losses, the Dow still notched its biggest weekly gain in more than 80 years. For the week, it jumped 12.8%, its largest weekly percentage gain since 1938. The S&P 500 rose 10.3%, its biggest such gain since March 2009.

To be sure, the market is still down more than 20% from a peak it reached a month ago. Professional traders say investors need to see a decline in numbers of new infections before markets can find a bottom.


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