Finance

Here's what happened to the stock market on Thursday

Traders work during the opening bell at the New York Stock Exchange (NYSE) on March 5, 2020 at Wall Street in New York City.

Johannes Eisele | AFP | Getty Images

Dow Jones Industrial Average falls 361 points

The Dow dropped 361.19 points, or 1.39%, to 25,706.09. The S&P 500 slid 0.56% to 3,152.05. The Nasdaq Composite rose 0.53% to close at 10,547.75. 

Record hospitalizations in Florida

Stocks hit their lows of the day after Florida reported a record in coronavirus-related hospitalizations. The state also reported a record spike in Covid deaths. “There’s less reason for optimism now than there was in April,” said one economist. “We’re still looking at a vaccine some time early next year, but it’s become clear that it’ll be very difficult to open without causing a renewed surge” in coronavirus cases.

Walgreens tumbles, tech gains

Walgreens led the Dow lower, dropping 7.76% on the back of disappointing earnings. Tech shares such as Microsoft and Amazon rose 0.70% and 3.29%, respectively, each to offset some of those losses.

What happens next?

The U.S. producers purchasing index is set for release Friday.

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