The Dow Fell 228 Points Because the U.S. Economy Took a Hit in February
All three major U.S. stock indexes ended the day in the red.
The main U.S. stock indexes fell again in response to a double punch from renewed fear about the coronavirus and discouraging data on the service sector of the economy.
The main U.S. stock indexes fell again on Friday in response to a double punch from renewed fear about the coronavirus and discouraging data on the service sector of the economy. Tech companies, which have led stocks’ rally, were taking the biggest hit, but some argue the party isn’t over.
The Dow Jones Industrial Average fell 227.57 points, or 0.78%, to 28992.41, while the S&P 500 dropped 35.48 points, or 1.05%, to 3337.75. The Nasdaq Composite lost 174.37 points, or 1.79%, to 9576.59.
Deere (ticker: DE) stock jumped after the maker of heavy equipment reported better-than-expected earnings, saying farmers are increasingly confident—a positive sign for sales. Hasbro (HAS) shares, on the other hand, tumbled after the toy company said the coronavirus continues to disrupt its supply chain in China.
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