Stocks shed early gains after New York tightens clampdown
Stocks gave up much of their early gains Friday after New York became the latest major state to mandate nearly all workers stay home to limit the spread of the coronavirus. The Dow Jones Industrial Average erased an early gain of 444 points and was little changed at midday. The S&P 500 was down 0.5% after being up 1.8% earlier. Major indexes are on track for heavy losses for the second week in a row after some punishing drops. Investors are weighing the likelihood that the global economy is entering a recession because of the massive shutdowns and layoffs caused by the outbreak.
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