Stock market news live updates: Stock selloff accelerates as coronavirus cases surge in some states
Category: News & PoliticsVia: krishna • 2 weeks ago • 17 comments
By: Emily McCormick
Photo credit: Yahoo Finance
Stocks sank Wednesday, with the S&P 500 and Dow selling off as rising numbers of Covid-19 infections in some regions spooked investors.
- Florida and California on Wednesday reported record high one-day tallies for new confirmed coronavirus cases at 5,508 and 7,149, respectively.
- Arizona on Wednesday saw another 1,795 positive cases after adding a record 3,591 on Tuesday.
- In Texas, Houston Mayor Turner said that the city’s intensive care units were at 97% of capacity.
Meanwhile, New York Governor Andrew Cuomo announced Wednesday that travelers to New York, New Jersey and Connecticut coming from Covid-19 hot spots would be subject to a 14-day quarantine.
“The latest coronavirus news is not positive for the stock market which was betting the worst of the pandemic recession was behind us,” Chris Rupkey, chief financial economist for MUFG Union Bank, said in an email.
“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.”