NEW YORK (Pakistan Point News / Sputnik - 13th June, 2020) Key stock indexes on Wall Street rose about 1.0 percent on the average on Friday, but the Dow Jones Industrial Average still posted its biggest weekly decline since mid-March on worries that the United States could be hit by a second wave of novel coronavirus infections.
The Dow, the broadest equities gauge on the New York Stock Exchange, closed up 1.9 percent on the day at 25,605 points. For the week, it fell 5.6 percent, its sharpest drop since the week ended March 15 when it slumped 17.3 percent.
The current week's slide came largely from Thursday's selloff, which was sparked by a surge in infections in five US states, just as an outbreak that began in March seemed to be subsiding.
"The stock market selloff will unlikely be a one-and-done event as COVID-19 continues to intensify in the US and will likely disrupt many states' reopening plans," Ed Moya, analyst at New York's OANDA, said in a note to the brokerage's clients, told Sputnik.
The S&P 500, a barometer for the top 500 US stocks, closed up 1.3 percent on Friday at 3,041. For the week, it slid 4.8 percent.
The tech-heavy Nasdaq Composite gained 1 percent to close at 9,588. It lost 2.3 percent on the week.
