Stocks Ended Sharply Lower amid Coronavirus Resurgence

U.S. stocks ended sharply lower on Friday, after Texas and Florida reversed their reopening processes and closed bars and limited restaurant capacity following surges in coronavirus cases. The Dow Jones Industrial Average fell 730.05 points, or 2.84%, to 25,015.55. The S&P 500 lost 74.71 points, or 2.42%, to 3,009.05. The Nasdaq Composite declined 259.78 points, or 2.59%, to 9,757.22. For the week, the Dow closed 3.3% lower, the S&P 500 booked a weekly decline of 2.9%, while the Nasdaq lost 1.9% over the period.

Oil futures declined on Friday, as a record rise in U.S. coronavirus cases and growing infections in parts of the world pointed to long-term challenges for a recovery in crude-oil demand. West Texas Intermediate crude for August fell 23 cents, or 0.6%, to settle at $38.49 a barrel. Brent oil for August delivery shed 3 cents, or 0.07%, to end at $41.02 a barrel. For the week, WTI saw a 3.4% decline, while Brent lost 2.8%.