Market Falls More Than 2% as COVID Cases Rise

Uncertainty again rattles investors on Wall Street
By Newser Editors,  Newser Staff
Posted Jun 26, 2020 3:05 PM CDT
Market Falls More Than 2% as COVID Cases Rise
Barstools are stacked at South Tyler Speakeasy in Tyler, Texas, as word reached the bar of Gov. Greg Abbott's announcement that bars must close at noon on Friday.   (Sarah A. Miller/Tyler Morning Telegraph via AP)

The stock market keeps sliding as the number of coronavirus cases keeps rising. The major indexes all ended with the week with losses. For the day, the Dow fell 730 points, or 2.8%, to 25,015; the S&P 500 fell 74 points, or 2.4%, to 3,009; and the Nasdaq fell 259 points, or 2.5%, to 9757. The reason was pretty clear. "This market is an extremely headline-driven market,” Peter Giacchi of Citadel Securities tells the Wall Street Journal. And worrisome headlines out of Texas and Florida in particular have investors rattled about the economic recovery.

“That certainly calls into question how vigorous this recovery will be,” Bill Northey of US Bank Wealth Management tells the AP. “We have to acknowledge there’s a high degree of uncertainty about how this is going to progress for the balance of the year.” The consensus is that the market will remain volatile until a clearer picture emerges on that front. (A new strategy on coronavirus testing might be a partial solution.)

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