Stocks declined Friday, ending Wall Street's three-day rally, after the U.S. became the country with the most coronavirus cases and the House of Representatives passed a stimulus bill of about $2 trillion, the largest such package in U.S. history.
The Dow Jones Industrial Average finished down 915 points, or 4.06%, to 21,663, the S&P 500 declined 3.37% and the Nasdaq ended off 3.79%.
The House approved the coronavirus aid package in a voice vote on Friday. Republican Rep. Thomas Massie of Kentucky pushed for a recorded vote but his effort failed.
The legislation now moves to the desk of Donald Trump and the president is expected to sign it quickly. A signing ceremony was scheduled for 4 p.m. Eastern Friday.
“To the American public, if you do your part, I promise we will do ours,” Republican House Minority Leader Kevin McCarthy said Friday. "We are going to help Americans through this. We are going to do this together.''
On Thursday stocks had surged and the S&P 500 had risen for a third straight day - the first such streak since Feb. 12. The market rose after the Senate passed the coronavirus relief package and investors looked past the 3.3 million Americans who filed for unemployment benefits last week as the coronavirus pandemic shut businesses nationwide.
The Coronavirus Aid, Relief and Economic Security Act, known as Cares, will release at least $500 billion in loans and grants to U.S industries and a further $500 billion in immediate financial support to American families.
American Airlines (AAL) - Get American Airlines Group, Inc. Report is eligible to receive $12 billion of the $50 billion earmarked for the airline industry in the coronavirus aid package, Chief Executive Doug Parker told employees in a video posted on the company's website.
U.S. Steel (X) - Get United States Steel Corporation Report said it would idle plants, reduce its spending plans and tap lenders for $800 million in near-term liquidity support amid a sharp downturn in demand and "unprecedented" challenges from the global coronavirus pandemic.
The number of confirmed global cases of the coronavirus has risen to 566,269, according to the Johns Hopkins Center for Systems Science and Engineering, and deaths increased to 25,423.
The U.S. has the most coronavirus cases in the world, with 92,932, according to Johns Hopkins CSSE. In the U.S. about 1,380 people have died.
U.K. Prime Minister Boris Johnson tested positive for the coronavirus, Downing Street confirmed Friday. He will self-isolate for the next two weeks.
Johnson, 55, on Thursday was said to be suffering mild symptoms and was tested shortly after at his official residence in central London. He is expected to continue leading the government's response to the ongoing pandemic.