Dow Falls as Apple's Move to Close Stores in Florida, Arizona Stokes Virus Fears

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Investing.com – Wall Street gave up gains on Friday, as Apple turned negative after announcing it would close some stores in Florida, and Arizona again following a rise in Covid-19 cases.

The Dow Jones Industrial Average fell 0.65%, or 168 points, the S&P 500 fell  0.43%, while the Nasdaq Composite slipped 0.18%.

After hitting record highs intraday, Apple (NASDAQ:AAPL) fell nearly 1% after it said it would reclose stores, exacerbating investor concerns that an ongoing rise in coronavirus cases could hamper the pace of economic reopening. 

Several states including Arizona, California, Florida, Texas, and Oklahoma reported record daily surges this week.

The fall in Apple comes as Wall Street continued to express optimism on the company’s upcoming 5G iPhone launch.

Jefferies (NYSE:JEF) lifted its price target on Apple to $405 from $370, on confidence in the tech giant’s ability to “hold retail pricing for the fall 5G launch relatively consistent with last year while maintaining solid gross margin performance.”