The Dow fell 400 points today amid lingering coronavirus and economic fears by skleb1234
The Dow Jones Industrial Average was down 1.5%, nearly 400 points, on Tuesday, while the S&P 500 fell 1.1% and the tech-heavy Nasdaq Composite lost 0.9%.
Shares of companies that would benefit from a reopening of the economy—including airlines, cruise stocks and some retailers—moved lower as many states continue to see a spike in new coronavirus infections. Stocks traded briefly off their lows on news that the U.S. government awarded biotech drugmaker Novavax a $1.6 billion contract to develop a coronavirus vaccine, sending the company’s shares 30% higher.
But the stock market’s gains in recent weeks have come amid a backdrop of increasing coronavirus cases across the United States: The number of hospitalizations grew by 5% or more in 23 states over the weekend. Many states have now paused reopening plans and reimposed lockdown restrictions altogether, amid fears that the country will have to shut down the economy again if the acceleration of new cases continues.“The relentless talk about rising case counts has really thrown a curve ball into all of the momentum we had,” says Tom Porcelli, chief economist for RBC Capital Markets.
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