Stocks shed early gains, but still on track for winning week - FOX34 Lubbock

Stocks shed early gains, but still on track for winning week

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By STAN CHOE, ALEX VEIGA and DAMIAN J. TROISE
AP Business Writers

NEW YORK (AP) - Wall Street is stumbling Friday after worries about rising coronavirus infections in several states undercut an earlier rally.

The selling followed word that Apple will temporarily close 11 stores as coronavirus cases rise across swaths of the South and West. The closures crystallize investors’ worries that rising infection levels could halt the budding improvements the economy has shown recently.

The S&P 500 was down 0.4%, as of 2:45 p.m. Eastern time, after erasing a 1.3% gain from earlier in the day. Despite the reversal, the S&P 500 is still on track for a gain of 2% for the week.

(Copyright 2020 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.)

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