Dow closes down more than 700 points amid virus fears
Stocks ended sharply lower Wednesday as traders grew worried about the increasing number of newly confirmed coronavirus cases, which raised concern about the economic reopening and recovery.
The Dow dropped 710 points, or 2.7%. The S&P 500 closed 2.6% lower, while the Nasdaq slid 2.2%. The tech-heavy Nasdaq posted its first daily decline in nine sessions. It was the worst day for the Dow, S&P 500 and Nasdaq since June 11. At one point, the Dow had fallen more than 800 points.
Florida said its confirmed cases jumped by 5,508 on Tuesday, a record, and now total 109,014. The state also said its positivity rate rose to 15.91% from 10.82%. California is one of the states that has also seen a dramatic spike in cases, adding a record of more than 6,000 in one day on Tuesday. In Texas, the Covid-19 number of Covid-19 cases jumped by 5,489. Meanwhile, New York, New Jersey and Connecticut ordered visitors from certain hotspot states to quarantine for 14 days.
“The latest coronavirus news is not positive for the stock market which was betting the worst of the pandemic recession was behind us,” said Chris Rupkey, an economist at MUFG. “All the hopes of investors looking for a better economy to improve the bottom lines of companies shut down in the recession have been dashed. Forget about the fears of the virus coming back in the fall, the number of new cases and hospitalizations in states like Arizona, Texas, and Florida says the threat is happening right now.”
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