Wall Street tumbles as U.S. virus cases climb

Video credit: Reuters Studio
Published on March 27, 2020 - Duration: 01:29s

Wall Street tumbles as U.S. virus cases climb

Wall Street fell sharply Friday, ending a massive three-day surge after doubts about the fate of the U.S. economy resurfaced and the number of coronavirus cases in the country climbed.

Fred Katayama reports.


Wall Street tumbles as U.S. virus cases climb

Wall Street tumbled Friday, snapping its torrid three-day winning streak.

Stocks fell lower even after the House passed a $2.2 trillion stimulus package to help Americans and companies cope with an economic downturn caused by the coronavirus outbreak.

Investor sentiment also got bogged down after the U.S. topped China as the country with the most coronavirus cases.

The Dow fell 4%.

The S&P 500 and Nasdaq shed more than 3%.

Still, the S&P posted its best weekly performance since 2009 with a 10% gain.

Payne Capital Management financial advisor, Chris Payne: SOUNDBITE: CHRISTOPHER PAYNE, FINANCIAL ADVISOR, PAYNE CAPITAL MANAGEMENT (ENGLISH) SPEAKING: "It looks like right now, they're fearful again.

They're taking their profits from that three-day run-up in the case the market does drop again." Back on Wall Street, airline shares gave back some of their gains of the last few days.

Delta, United, and American fell after Treasury Secretary Steve Mnuchin said the aid for airlines was not a bailout and that taxpayers would need to be compensated.

Boeing shares also fell.

Mnuchin said the jet maker had no intention of using federal money.

Crude oil prices dropped, and that drove down shares of oil giants Exxon Mobil and Chevron.

Next week, Wall Street's eyes will be on the jobs report for March.

Economists expect payrolls to shrink by 123,000 and the unemployment rate to rise to 3.9%.

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