Wall Street major indexes dropped on Friday as the United States set a new record for a one-day increase in coronavirus cases and bank stocks tumbled after the Federal Reserve decided to cap shareholder payouts.

The S&P 500 banks sub-index declined 5% after the Fed limited dividend payments and barred share repurchases until at least the fourth quarter following its annual stress test.

At 11:02 a.m. ET, the Dow Jones Industrial Average was down 532.55 points, or 2.07%, at 25,213.05, the S&P 500 was down 54.56 points, or 1.77%, at 3,029.20. The Nasdaq Composite was down 194.40 points, or 1.94%, at 9,822.61.

Source : Reuters