Banks lead stocks lower after the Fed caps their dividends

By ALEX VEIGA AP Business Writer
Stocks are moving lower on Wall Street, led by declines in banks after regulators told them they had to cap their dividends and halt stock buybacks in order to shore up their defenses in case the recession gets worse. The S&P 500 fell 2.0% in afternoon trading Friday. Nike also fell after reporting a big loss as most of its stores were forced to close. Investors were disappointed to see that the number of confirmed new coronavirus cases per day in the U.S. hit an all-time high of 40,000, surpassing the peak set during one of the deadliest stretches in late April.