Economics
Stocks Drop After Five-Day Rally; Dollar Gains: Markets Wrap
- Nasdaq 100 had reached an all-time high before gains faded
- Fed’s Bostic warns that coronavirus spread threatens recovery
This article is for subscribers only.
U.S. stocks slumped, with airlines and hotels particularly hard hit, amid signs that the world economy has a long way to go to get back on track.
Almost six shares fell on the S&P 500 Index for every one that gained. The tech-heavy Nasdaq gauges dropped from a record intraday high in the afternoon as heavyweights such as Amazon.com Inc. and Microsoft Corp. turned lower. European shares slipped on concern the economy will take longer to recover.