Stocks fall as economy’s pain deepens, post a weekly loss

Coronavirus

(AP Photo/Seth Wenig)

NEW YORK (AP) — Stocks closed lower on Wall Street Friday, posting their first weekly loss after two weeks of solid gains.

The S&P 500 fell 0.7%, with stocks of companies that most need a healthier economy taking some of the sharpest losses.

The declines came as more reports showed how the pandemic is deepening the hole for the economy, even as Washington prepares to throw it another lifeline.

Treasury yields also dipped as reports showed shoppers held back on spending during the holidays and are feeling less confident. Stocks have run out of steam since the S&P 500 set a record last week.

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