SAN JUAN – U.S. and global stock markets ended the week down as the rapid rise of coronavirus cases has forced Texas and Florida to halt all economic reopening initiatives.
As investors went over rising COVID-19 statistics, sentiment turned negative. Arizona, Texas, Florida and California reported north of 15,000 new cases combined. Florida alone reported close to 9,000 on Friday. White House health adviser Dr. Anthony Fauci stated that the majority of those being infected were young people, who may be unknowingly spreading the disease.
On Thursday, the Federal Reserve said it would cap share buybacks and dividends by the biggest banks after performing stress tests showing Covid-19 could trigger $ 700 billion in loan losses and could potentially place some lenders close to capital minimums.
- The Dow Jones Industrial Average closed at 25,015.55, down 730.05, or 2.84%
- The Standard & Poor's 500 Index closed at 3,009.05, down 74.71 points, or 2.42%.
- The NASDAQ Composite Index closed at 9,757.22, down 259.78 points, or 2.59%
- The Birling Capital Puerto Rico Stock Index closed at 1,433.11, up 33.5, or 2.39%.
- The U.S. Treasury 10-year note closed at 0.64%.
- The U.S. Treasury 2-year note closed at 0.17%.