Dow tumbles 550 points Friday as Texas orders bars to re-close as coronavirus cases spike
Category: News & PoliticsVia: krishna • 2 weeks ago • 18 comments
By: Mark DeCambre
Rising cases rattle Wall Street GETTY IMAGES
U.S. stock indexes skidded sharply lower Friday, after Texas tightened social-distancing rules in the wake of a record number of new coronavirus cases being reported nationwide.
What’s driving the market?
Investors have wrestled with rising daily rates of new U.S. coronavirus cases all week, and that has continued to cast a pall over the market on Friday.
Indeed, Texas Gov. Greg Abbott implemented restrictions on social gatherings in the Lonestar state and ordered all bars to re-close on Friday, making the state the first to reverse some reopening measures after months of lockdowns .
The orders announced on Friday also come a day after the governor said he was freezing reopening plans in the state.
On Thursday, U.S. states saw a single-day record rise of 37,000 in infections, led by Florida, Texas, California and Arizona, surpassing the 36,188 level from April 24
Overall, total cases in the U.S. have topped 2.4 million and that increase, notably in southern and western states in the U.S., and has resulted in governors halting business reopening plans in, North Carolina, Louisiana and Kansas.