Stocks Turn Negative Amid Fears Over Rising Coronavirus Cases

The Dow Jones Industrial Average was down 0.4% by midday on Friday, while the S&P 500 fell 0.4% and the tech-heavy Nasdaq Composite lost 0.2%.

The market initially opened higher—with the Dow up over 300 points, before stocks turned negative amid news that Apple will close some of its stores in the U.S. again.

Stocks had gotten a boost after a report from Bloomberg said that China will increase its purchases of U.S. farm goods in order to comply with the phase one trade deal. That helped  ease concerns on Wall Street about U.S.-China tensions, which have flared up in recent weeks over the coronavirus.

The market has moved higher this week despite fears of a resurgence in coronavirus infections across the country: Many states reopening—such as Arizona, Texas, Florida and California—have recently seen record numbers of new cases.

Shares of companies that would benefit from the economy reopening—including airlines, retailers and cruise operators—jumped again on Friday.

Stocks initially fell on Thursday but pared back losses—with the S&P 500 turning positive—on the back of disappointing jobless claims data: Another 1.5 million Americans filed for unemployment in the week ending June 13—higher than the 1.3 million expected.