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Markets head for fourth week of losses

Markets head for fourth week of losses

U.S. stock markets on Friday slid, heading for their fourth consecutive week of losses as COVID-19 cases began ticking up again.

The Dow Jones Industrial Average opened down 140 points, or 0.5 percent, while the S&P 500 slid 8 points, or 0.3 percent.

After breaking new records in the first days of the month, markets have retreated significantly.

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Talks in Congress over trillions in new COVID relief floundered, though Speaker Nancy PelosiNancy PelosiOn The Money: McConnell says he would give Trump-backed coronavirus deal a Senate vote | Pelosi, Mnuchin see progress, but no breakthrough | Trump, House lawyers return to court in fight over financial records Progress, but no breakthrough, on coronavirus relief McConnell says he would give Trump-backed coronavirus deal a vote in Senate MORE (D-Calif.) injected new hopes by announcing on Thursday that House Democrats would draw up a more limited bill.

Still, Republicans want to pay out roughly $1 trillion less than Democrats, and the prospects for a deal remain in the air.