Stocks Ended Lower Friday, Posting Steep Weekly and Monthly Declines

U.S. stocks ended lower on Friday, bringing each of the three major indices to post steep weekly and monthly declines, as investors reacted to rising COVID-19 cases in the U.S. and Europe. The Dow Jones Industrial Average fell 157.51 points, or 0.59%, to 26,501.60. The S&P 500 lost 40.15 points, or 1.21%, to 3,269.96. The Nasdaq Composite gave up 274.00 points, or 2.45%, to 10,911.59. For the week, the Dow fell 6.5%, the S&P 500 was down 5.6% and the Nasdaq declined 5.5%. For the month, the Dow dropped 4.6%, the S&P 500 fell 2.8% and the Nasdaq lost 2.3%.

Oil futures finished at their lowest in about five months on Friday, with U.S. prices suffering an October decline of 11%, as rising COVID-19 cases in the U.S. and Europe pose a renewed threat to demand. West Texas Intermediate crude for December delivery fell 38 cents, or nearly 1.1%, to settle at $35.79 a barrel and lost 11% for the month. December Brent crude contract declined by 19 cents, or 0.5%, to end at $37.46 a barrel and posted a monthly loss of 8.5%.

The Centers for Disease Control and Prevention said in a new announcement Friday that it will allow U.S. cruise ships to begin a phased approach to resume sailing in U.S. waters starting this Sunday.