Stocks retreat even as House passes $2 trillion stimulus package

Simon closes all malls through the end of March

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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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