United States stocks lose steam as Apple re-closes some stores

Wall Street closes down as late buying fails to overcome COVID concerns

US stocks lose steam as Apple re-closes some stores

Shortly after the opening bell, the Dow Jones Industrial Average jumped 332.27 points, or 1.27 percent, to 26,412.37. The Nasdaq was little changed.

Apple Inc announced it is temporarily shutting some stores again in Florida, Arizona, South Carolina and North Carolina, which have seen a spike in coronavirus cases in recent days.

The U.S. Securities and Exchange Commission told bankrupt Hertz Global Holdings Inc it has issues with the auto rental firm's plan to sell new shares, the agency's Chairman Jay Clayton told CNBC on Wednesday. The stock hit a record intraday high on Friday morning before the news of its store closures.

Airlines, retailers and cruise lines led the early declines.

US stock indexes closed mostly lower Friday after worries about rising coronavirus infections in several states undercut an early rally.

New cases of COVID-19 set records across at least six US states, and mandated mask use is becoming more common as economies continue reopening.

Yohan, K-Pop Star & TST Singer, Dead At 28
Yohan , whose real name is Kim Jung-hwan, debuted with boy band NOM in 2015 and joined TST after NOM disbanded. The Korean pop industry has lost quite a few prominent artistes and game changers over the past year.

But Friday marked "quadruple witching", in which futures and options expiries occur, and that typically translates into elevated volume and liquidity.

Stocks benefiting from the economy reopening were also under pressure following Apple's announcement.

Initial jobless claims edged down only slightly to 1.51 million from an upwardly-revised 1.57 million the previous week, while continuing claims - which are reported with a one-week lag but which are considered a more accurate measure of labor market dynamics - stayed stuck above the 20 million mark, defying expectations that they would fall below it for the first time since April.

Volume on USA exchanges was 15.84 billion shares, compared with the 13.17 billion average over the last 20 trading days.

AMC Entertainment Holdings Inc, the world's largest movie theater operator, dipped 2.0% after its announcement that it would reopen theaters at about 450 locations in the United States next month was tempered by renewed shutdown fears. New data showed a further decline in the count of USA oil rigs, a bullish sign for the energy markets as it shows oil drillers are reining in production.

S&P 500 and the Dow Jones lost typed in the beginning of the session the advantage and broke three-day winning streak. Those gains came after a record surge in USA retail sales and the Federal Reserve announcing it will buy individual corporate bonds.

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