US STOCKS-Wall Street dips on news of Apple Store closures, prospects of new shutdowns

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* S&P 500, Dow set for fourth weekly rise in five
* Apple announces some store reclosures as COVID-19 cases
surge
* Indexes down: Dow 1.02%, S&P 0.85%, Nasdaq 0.54%

(Updates to late afternoon, changes dateline, byline)
By Stephen Culp
June 19 (Reuters) - 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.
All three major U.S. stock indexes were in the red after two
days of range-bound, sideways movement.
"It went from a fairly positive day to a weak day fairly
dramatically and quickly," said Peter Tuz, president of Chase
Investment Counsel in Charlottesville, Virginia. "Which doesn't
surprise me for a summer Friday during a pandemic and extreme
economic weakness and political uncertainty heading into the
weekend."
Apple Inc AAPL.O 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. "Throughout the week there have been increasing news items
regarding a spike of COVID cases in the U.S. and around the
world, and that's led to fears of the economy not recovering as
quickly as people hoped," Tuz added.
"And Apple closing stores is a good example of that."
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.
Trading volume is typically light on summer Fridays as
investors head into the weekend.
But Friday marks "quadruple witching," in which futures and
options expiries occur, and that typically translates into
elevated volume and liquidity. The S&P is synchronizing its
delayed rebalancing to take advantage of that liquidity, which
could drive volumes even higher.
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 .DJI fell 266.56 points,
or 1.02%, to 25,813.54, the S&P 500 .SPX lost 26.47 points, or
0.85%, to 3,088.87 and the Nasdaq Composite .IXIC 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 .SPXHC as the sole gainer.
AMC Entertainment Holdings Inc AMC.N , the world's largest
movie theater operator, dipped 2.0% after its announcement that
it would reopen theaters at about 450 locations in the United
States next month was tempered by renewed shutdown fears.
Declining issues outnumbered advancing ones on the NYSE by a
1.68-to-1 ratio; on Nasdaq, a 1.33-to-1 ratio favored decliners.
The S&P 500 posted 18 new 52-week highs and no new lows; the
Nasdaq Composite recorded 117 new highs and 2 new lows.