Stocks opened lower on Friday, unable to extend the recent rally that saw the Dow Jones Industrial Average and S&P 500 post their best 3-day win streaks since the 1930s. The Dow fell more than 1,000 points at its session low, although some of the losses were pared late in the afternoon as the House passed the much-awaited $2 trillion stimulus package. But in the final half hour of trading stocks moved lower once again, and the Dow closed more than 900 points lower.
Here’s what happened:
4:21 pm: Dow’s best week since 1938
- Dow closed down 4.06% for its 1st negative day in 4
- This week: Dow gained 12.84%. Best week since 1938
- This month: Dow down 14.85%, on pace for worst month since Aug. 1998
- S&P closed down 3.37% for its first negative day in 4
- This week: S&P gained 10.26%. Best week since 2009
- This month: S&P down 13.97%, on pace for worst month since Oct. 2008
4:20 pm: Economy ‘still has some things to get through,’ Wells Fargo strategist says
Wells Fargo Investment Institute senior global equity analyst Scott Wren said on “Closing Bell” that actions by the Federal Reserve and Congress helped boost markets this week, but that further help from both may be necessary to help the economy pull out of the coronavirus crisis.
“We do think we’ll see positive GDP in the fourth quarter and some better things going on in 2021, but certainly in these first three quarters we’re looking for contraction … We have some things to get through, but at least we have a good foundation here that will likely cushion the blow and help us get to the other side,” Wren said. — Pound
4:01 pm: Stocks post sharp losses, Dow drops more than 900 points