New York, Jun 19, 2020, SPA -- Wall Street lost ground on Friday, reversing earlier gains as spiking cases of COVID-19 and Apple Inc's announcement of fresh store closures heightened concerns that a new round of lockdowns would be imposed and delay an economic recovery, Reuters reported. All three major U.S. stock indexes were in the red after two days of range-bound, sideways movement. Apple Inc announced it is temporarily shutting some stores again in Florida, Arizona, South Carolina and North Carolina. New cases of COVID-19 set records across at least six U.S. states, and mandated mask use is becoming more common as economies continue reopening. China, where the pandemic originated but had been contained, also reported an uptick in new cases of the disease. Still, for the week, the S&P 500, the Dow and the Nasdaq are all on track to post solid percentage gains. The S&P 500 and the Dow are now about 9% and 13% shy of their respective all-time highs reached in February. The tech-heavy Nasdaq hovers around 1% below its last closing high reached on June 10, after breaching that level earlier in the session. In a video conference, U.S. Federal Reserve Chair Jerome Powell warned the economic recovery from the pandemic is set to be challenging and there will be no quick fix. The Dow Jones Industrial Average fell 266.56 points, or 1.02%, to 25,813.54, the S&P 500 lost 26.47 points, or 0.85%, to 3,088.87 and the Nasdaq Composite dropped 53.46 points, or 0.54%, to 9,889.59. Of the 11 sectors in the S&P 500, 10 were trading in the red, with healthcare as the sole gainer. --SPA 23:04 LOCAL TIME 20:04 GMT 0016 www.spa.gov.sa/w1353451