investors took profits a day after the S&P 500 logged its longest streak of gains this year and as new US coronavirus cases rose further.
Large parts of the United States reported tens of thousands of new coronavirus infections. New York expanded its travel quarantine for visitors from three more states, while Florida's greater Miami area rolled back its reopening."It's a little bit of a pullback after a significant five-day move in the market coupled with the normal concerns about the virus and Mester talking about a long road to recovery," said Michael Antonelli, market strategist at Baird in Milwaukee.
The Dow Jones Industrial Average fell 396.85 points, or 1.51 per cent, to 25,890.18, the S&P 500 lost 34.4 points, or 1.08 per cent, to 3,145.32 and the Nasdaq Composite dropped 89.76 points, or 0.86 per cent, to 10,343.89. "There's probably more profit-taking and volatility in store on the down side after the incredible rebound from the March lows," he said.Walmart Inc gained 6.8 per cent after a report that the retailer is close to launching its membership program, a direct competitor for Amazon.com's Prime service. Amazon shares slipped 1.3 per cent.
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