Stocks plunge despite passage of $2 trillion economic relief package

Stocks closed sharply lower on Friday despite the passage of the $2 trillion economic relief package as investors turned their focus to data that showed the U.S. has more coronavirus cases than any other nation.

The Dow Jones Industrial Average closed with a decline of around 930 points, with the S&P 500 down by 3.3 percent and the Nasdaq lower by 3.7 percent.

Optimism that the coronavirus bill would pass had carried stocks into a three-day rally, despite Thursday's staggering unemployment numbers that surpassed 3.2 million.

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Labor experts pointed out that the real number of jobless claims was likely far higher than the recorded figure, since many state websites had experienced technical difficulties, resulting in incomplete claims for thousands of Americans attempting to file for benefits.

With around 2 billion people on lockdown across the globe to halt further spread of the coronavirus, Angel Gurría, secretary general of the Organization for Economic Co-operation and Development, said it was "wishful thinking" to think that the global economy would rebound with any speed, and noted that pandemic has already had a greater impact than the Great Recession.

For Subscribers

FOR SUBSCRIBERSAbdul El-Sayed tries to woo MAHA voters as Democrats seek inroads with RFK’s supporters

FOR SUBSCRIBERSKratom-like substances are popping up in a typically benign supplement

FOR SUBSCRIBERSGOP super PAC increases its spending for Sen. Jon Husted in tough Ohio race

FOR SUBSCRIBERSRecords reveal tumultuous marriage between slain New York Times executive and wife

FOR SUBSCRIBERSFrom clean energy warrior to ‘wall of shame,’ James Talarico reverses on a fossil fuel money pledge

FOR SUBSCRIBERSCongressional staff planned official trip with luxury stops in Italy and France weeks before election

FOR SUBSCRIBERSA harrowing ordeal aboard an Israel-bound plane

FOR SUBSCRIBERSOpenAI CEO Sam Altman to skip congressional hearing on rogue AI agents

FOR SUBSCRIBERSKey DOJ lawyers departed Trump ‘grand conspiracy’ probe amid pressure to produce, source says

FOR SUBSCRIBERSTrump’s new AI chatbot often links to a site launched under Clinton 26 years ago

FOR SUBSCRIBERSAt MAHA summit, industry CEOs the movement once vilified take the stage

FOR SUBSCRIBERSThis Paralympian has two goals: Win medals and give away $500,000 to her teammates

FOR SUBSCRIBERSCornell rape allegation spotlights stringent New York state laws that have long drawn criticism

FOR SUBSCRIBERSThe debate over AI’s future rages on both coasts

FOR SUBSCRIBERSDecades-old march dispute reignites in Northern Ireland, threatening political crisis

The number of coronavirus cases in the United States has now surpassed even China, with around 100,00 confirmed cases.

Oil sank to around $23 a barrel after the Department of Energy said it would relinquish its plan to replenish the Strategic Petroleum Reserve.

All three major averages are now down more than 20 percent from recent highs, as investors flee the markets in favor of cash safety such as money market funds.