U.S. stocks dropped as investors began May pondering profit warnings tied to the coronavirus and a ratcheting up of tension with China. The dollar rose as a risk-off mood prevailed.
The S&P 500 Index fell almost 3 per cent, leaving it a tad lower for the week, after sobering comments from Amazon.com Inc. and Apple Inc. about the pandemic’s impact. Exxon Mobil Corp. slumped after posting its first quarterly loss in at least 32 years. The dollar posted its first increase since last week.
The Dow Jones Industrial Average fell 617.09 points, or 2.53 per cent, to 23,728.63, the S&P 500 lost 81.13 points, or 2.79 per cent, to 2,831.3 and the Nasdaq Composite dropped 284.60 points, or 3.2 per cent, to 8,604.95. The TSX was down 160 point at 14,620.
Equities also retreated in the U.K., one of the few open markets in Europe as other countries celebrated May