NEW YORK: Wall Street stocks sank on Friday as surging coronavirus cases prompted large US states to impose new public health restrictions, threatening the economic recovery following widespread business shutdowns.AdvertisementThe broad-based S&P 500 tumbled 2.42 per cent to 3,009.05, while the tech-rich Nasdaq Composite Index shed 2.59 per cent to 9,757.22.
"We are facing a serious problem in certain areas," top infectious disease expert Anthony Fauci said Friday as the Trump administration's coronavirus task force held its first public briefing in two months.The actions by Texas and Florida will weigh on economic activity in the states, and also raised fears that business reopenings will be paused elsewhere, jeopardizing the US economy's already wobbly state.
Large banks including Bank of America and Goldman Sachs fell more than six per cent after the Federal Reserve late on Thursday ordered the industry to suspend buybacks and limit dividend payments amid uncertainty over the coronavirus. Chief Executive Mark Zuckerberg announced new measures shortly after Unilever joined Verizon among large companies in suspending spending on the platform, saying Facebook would ban a"wider category of hateful conduct."
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