Stocks abruptly turned negative Thursday as fears over the economic outlook following an increase in coronavirus cases resurged. The Dow and S&P 500 wiped out its week to date gains, while the Nasdaq held higher and hit a record.

[Click here to read what’s moving markets heading into Friday, July 10]

The Dow sank more than 300 points, led by a decline in shares of Walgreens Boots Alliance after the company swung to a quarterly net loss and announced additional job cuts overseas. Wells Fargo (WFC) shares slid about 2% after Bloomberg Law reported the bank was preparing to cut thousands of jobs later this year, amid broad-based weakness in the financials sector.

The coronavirus situation worsened further in some parts of the US based