Stocks fell on Friday to end another volatile week of trading, pressured by a spike in coronavirus-related deaths in New York. The Dow dropped more than 350 points, or 1.7% in wild trading. The S&P 500 dipped 1.5% along with the Nasdaq.
for the biggest increase to date. Cuomo added the curve of confirmed cases "continues to go up," noting there are now over 100,000 cases in the state.
"Today's nonfarm payrolls data confirms what we've already known: the U.S. economy was doing well before COVID-19's impact was felt, and COVID-19's impact has been severe," said Lauren Goodwin, multi-asset portfolio strategist at New York Life Investments. "Job losses will continue to surge as the national shutdown strengthens its hold on the U.S. economy."
Stocks got a slight boost earlier in the day as oil rose, adding to its biggest one-day rally on record. West Texas Intermediate futures soared 24% on Thursday for their best day ever, lifting the major stock indexes. The Dow and S&P 500 gained more than 2% on Thursday. "Trends have now been sideways for US and European equities for the last seven trading sessions, despite the massive swings," said Mark Newton, managing member at Newton Advisors, in a note. "Gains have consolidated, but have not given way to much weakness that is sufficient to expect an immediate test of low."
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