Dow drops over 900 pts ahead of CARES Act signing
Wall Street ended lower on Friday as United States President Donald Trump signed the Coronavirus Aid, Relief, and Economic Security (CARES) Act which will support the US economy with $2 trillion amid the COVID-19 pandemic. Earlier, Google announced it would give $800 million to support the economy amid the crisis while the number of coronavirus patients in the US was reported at 98,925.
Gains from a three-day rally were somewhat diminished as the Dow Jones Industrial Average fell 4.06% as Boeing lost 10.27%. However, the index saw its biggest weekly rise since 1938 despite Friday’s fall. The Nasdaq 100 ended 3.91% lower as Autodesk led the losses as it fell 12%. The S&P 500 declined 3.37%. The worst stock on the index was Norwegian Cruise Line Holdings which plummeted 23.49%.
The euro gained 0.88% compared to the dollar and traded for 1.11281 at 4:03 pm ET.
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