Market Recap: Friday, March 27
Stocks fell Friday, with losses accelerating into the close, even after the U.S. House of Representatives passed a much-anticipated $2 trillion economic relief package. By the end of the session, the Dow was off more than 4%, while each of the S&P 500 and Nasdaq shed more than 3%. Still, steep gains made earlier in the week sent the Dow up a total of 12.8% for the week, for its best weekly gain since 1938. The S&P 500 rose 10.3% for its best weekly gain since 2009.
Video Transcript
MYLES UDLAND: All right, welcome back to "Yahoo Finance Live." Myles Udland here in New York. 10 seconds to go. Here's the closing bell on Wall Street.
[BELL RINGING]
All right, live pictures there from the floor of the New York Stock Exchange. Again, kind of came up right on it as the closing bell was ringing there, so let's take a quick look at where it looks like some of the majors settled out on this Friday. An ugly close, for sure. When we came on the air right around 3:00, it looked like things, I wouldn't say, would be OK, but we've cut our losses more than in half. But given pretty much all of it up as we head towards the close, the Dow finishing today's session as the biggest loser, off more than 4%, 930 points or so. The S&P 500 down about 3.4%. The NASDAQ fell 3.8%.
This, of course, coming as we had, you know, ultimately the House passing that bill. We expect the president to be signing the relief package, $2 trillion worth of stimulus, any moment now, but not quite enough for the market on this day. Not a huge surprise, I suppose, that we saw a sell-off on major news like that, but a discouraging close nonetheless for investors, who I think an hour ago were looking not only at a great week, but maybe a more constructive Friday close. We've seen some really chaotic finishes to weeks. And once again, this ended up being no exception.
