U.S. Stocks Tumble With Virus Threatening Economy: Markets Wrap
- Cases flare up in several states, altering reopening plans
- Crude oil falls below $40 a barrel in New York; dollar climbs
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U.S. stocks slumped 2.6% as investors grew anxious that the resurgence in virus cases in multiple states will hamper the economic recovery. Yields on Treasuries fell and the dollar strengthened.
All 11 sectors in the S&P 500 sank at least 0.9%, with energy, financials and industrials down more than 3% after data showed Florida and California set daily records for new cases, while Houston said its intensive-care unit beds are at 97% capacity. Travel stocks and other companies that had been climbing amid reopening optimism got hammered with New York, New Jersey and Connecticut requiring visitors from virus hot spots to self-quarantine. Even the tech-heavy Nasdaq Composite fell for the first session in nine.