This Time, COVID Not Sole Reason for Market's Fall

Investors worried about new tensions with China
By Newser Editors,  Newser Staff
Posted Jul 24, 2020 3:10 PM CDT
Stocks Fizzle, and COVID Isn't the Sole Reason
American flags are displayed together with Chinese flags on top of a trishaw in Beijing.   (AP Photo/Andy Wong, File)

Wall Street ended the week with losses, though rising coronavirus cases were not the only thing weighing on investors' minds. Renewed tension with China also played a role in Friday's in-the-red trading, reports the Wall Street Journal. The Dow fell 182 points to 26,469, the S&P 500 fell 19 points to 3,215, and the Nasdaq dropped 98 points to 10,363. Tech stocks in particular did not fare well, with Intel posting the biggest drop in the S&P, per the AP.

"Investors are already wondering whether prices are too high and then you get a little bit of tension with China, you get a little bit of disappointing news from Intel, and that just sort of feeds on itself,” says Mike Zigmont, director of trading and research at Harvest Volatility Management. Earlier, stocks also fell in the Asian and European markets. (Read more stock market stories.)

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