Stocks down as coronavirus outbreaks flare in U.S., China
Stocks tumbled as Wall Street grew pessimistic about the prospects for an economic recovery amid an uptick in new coronavirus cases across more than a dozen U.S. states. Investors were also spooked by a , illustrating how the virus can return after restrictions are eased.
The Dow Jones Industrial Average declined 572 points, or 2.2%, to 25,033 in early trading on Monday, before regaining some of its losses. The broad-based S&P 500 slipped 1.6%, while the tech-heavy Nasdaq fell 1%.
Fears are growing that the increase in new cases could push some mayors and governors to pause their regions’ reopenings, noted Height Securities analysts in a client note. Until last week, the stock market had rallied from a mid-March low on expectations that consumers would open up their wallets once lockdowns ended. But the potential for a quick recovery …continued .
[Source: CBS News]