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Stocks Turn Lower (DJIA -208 with high Vol) as Apple Closes Stores
https://ih.advfn.com/stock-market/stock-news/82697110/stocks-turn-lower-as-apple-closes-stores

U.S. stocks abruptly turned lower Friday after Apple said it is closing some stores in Florida, Arizona and other states due to a rise in coronavirus cases, stoking fears of another lockdown.

The Dow Jones Industrial Average fell 123 points, or 0.5%, in afternoon trading. It had been up more than 300 points after the opening bell.

The S&P 500 dropped 0.3%, while the tech-heavy Nasdaq Composite was down less than 0.1%.

All three indexes are still on track for weekly gains of at least 1%, fueled by central-bank stimulus efforts and cautious optimism that the economy is recovering from the worst fallout of the pandemic.

The market has been sensitive to any indications that a second wave of infections is under way, out of fear that it could lead to new lockdowns, reversing the trend toward reopening the U.S. economy that has lifted the stock market in recent weeks.

Apple said Friday that it is temporarily shutting 11 stores across Florida, Arizona, North Carolina and South Carolina, following spikes in Covid-19 infections. The market sold off sharply on the news, with the Dow at one point swinging more than 600 points off its morning high.

Ten of the S&P 500's 11 sectors were negative Friday. Financials, real estate and industrials were among the worst-performing sectors, while health care was the only sector in positive territory.

Shares of Apple dropped 1.5%. The stock had hit a record intraday high in the morning before the news of its store closures.

Shares of Marathon Petroleum gained 2.7% after The Wall Street Journal reported that the company is in discussions with potential buyers of its Speedway gas-station unit.

Shares of AMC Entertainment fell 2.4% in a volatile day of trading. The cinema chain reported plans late Thursday to reopen most of its movie theaters in July, sending its stock up. But shares turned lower after the company said it would require moviegoers to wear masks, a reversal of its earlier stance.

CarMax shares tumbled 6.8% after the auto retailer reported that its profit for the last quarter contracted sharply amid the pandemic.