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Dow Ends Lower as Jump in Cases Casts Doubt on Recovery

Stock MarketsJul 07, 2020 04:04PM ET
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© Reuters.

By Yasin Ebrahim

Investing.com – Wall Street plunged on Tuesday, as rising coronavirus cases continued to force parts of the U.S. to roll back reopening measures that could hurt the economy's chances of a robust recovery. 

The S&P 500 lost 1.04%, while the Nasdaq Composite lost 0.86% and the Dow Jones Industrial Average slumped 1.51%.

Rising cases in 41 out of 50 states have forced pockets of the U.S. to pump the brakes or reverse reopening measures to contain the spread of coronavirus, which has infected about 3 million and killed 133,000 nationwide.

San Francisco delayed the reopening of outdoor bars and indoor restaurants that were slated to return on July 13. In New Jersey, Gov. Phil Murphy said he would pause efforts to reopen the state after the coronavirus infection rate rose above the key threshold of 1.0.

Other parts of the U.S. have also followed suit, with Connecticut Gov. Ned Lamont announcing on Monday he would halt the state's third reopening phase that was scheduled to start in mid-July.

The World Health Organisation warned it would not "be a surprised" if the global death toll from the coronavirus begins to rise following an increase in infections.

"If you imagine that somewhere in April and May we were dealing with 100,000 cases a day, today we’re dealing with 200,000 cases a day, and that is not purely a result of testing," Mike Ryan, executive director of the WHO’s emergencies program said.

The rolling back of reopening plans in some states has proved a major blow to airlines hoping for a rebound in travel demand.

United Airlines (NASDAQ:UAL) warned weaker demand would lead to job cuts in the coming months, sending its shares 7.4% lower.

American Airlines (NASDAQ:AAL) fell 6%, JetBlue Airways (NASDAQ:JBLU) fell 4.6%. and Delta Air Lines (NYSE:DAL) was down 5%. The Treasury Department also confirmed that several airlines including Delta, United, JetBlue, Southwest and Alaska Air (NYSE:ALK) had signed up to take government loans.

Financials, mostly banks, were also hit hard ahead of the quarterly earnings season, which starts in earnest next week. 

JPMorgan Chase (NYSE:JPM), Bank of America (NYSE:BAC) and Citigroup (NYSE:C) were down more than 2%.

Tech ran out of steam, with Microsoft (NASDAQ:MSFT) and Apple (NASDAQ:AAPL) falling from session highs to end in the red. 

Elsewhere, Walmart (NYSE:WMT) jumped 6.8% as the supermarket giant is reportedly set to begin a new membership service that rivals Amazon (NASDAQ:AMZN) Prime.  

On the economic front, a record surge in hiring in May was downplayed amid growing the recovery in the labor market is limited.

The Labor Department said its JOLTS report showed that hiring in May rose by 2.4 million to 6.5 million, the largest monthly rise on record.

Dow Ends Lower as Jump in Cases Casts Doubt on Recovery
 

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Comments (27)
Randall Wagner
Randall Wagner Jul 07, 2020 10:37PM ET
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Fact...death rate down not up...facts matter.
Musical Critic
Musical Critic Jul 07, 2020 10:09PM ET
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Doubt on Recovery? Oh you mean the Fed's printing press got jammed? That's what happens on overuse and misuse! Hope it stays that way for a while now.
Randall Wagner
Randall Wagner Jul 07, 2020 9:58PM ET
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Fear monger much. Destroys any legitimate point you try to make.
Adam Morris
Adam Morris Jul 07, 2020 8:54PM ET
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Red again tomorrow?
Katrina Zarkova
Katrina Zarkova Jul 07, 2020 8:34PM ET
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Mask usekess? It's a flu? LOL United fk.tards
Toro Bull Bull Toro
Toro Bull Bull Toro Jul 07, 2020 8:34PM ET
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don't laugh what happen in Germany in the 30's of brainwashing is happening in the US, hence Why Drump the Traitor is in the White house the media has been doing it with hate for the last 30 years since media covered DS for the 1st President Bush.
Sean Livingstone
Sean Livingstone Jul 07, 2020 8:34PM ET
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Wearing of face masks was required during Spanish flu. Wonder why some people can't even think like people in the 30s.
Game Lover
Game_Lover Jul 07, 2020 8:34PM ET
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Covid is just a flu. Same symptoms, same infection rate and the real death rate is also the same. The only difference is the extreme media hype and panic driven by the media and some overzelaous doctors.
Taylor Huddlestun
Taylor Huddlestun Jul 07, 2020 8:04PM ET
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More fear over nothing. take a walk outside and see how people actually care about this virus and stop listening to the media. A week from now the number of RECOVERED will grow by 10s of thousands. just a severe flu
Vv Pp
Vv Pp Jul 07, 2020 8:04PM ET
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stop playing with public health.. do sth useful for the society and try some of this "flu" and your family, friends too and let us know what happened
Toro Bull Bull Toro
Toro Bull Bull Toro Jul 07, 2020 8:04PM ET
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gotta remember they need the market to go down, so their buddies can get in cheap. plus all the puts are will scramble to sell soon.besides the virus may have mutated with lower death rate than original. and in Houston MATH+ is contributing to decreasing the death ratehouston Methodist hospital, hmm i dinner dunno
Jin News
Jin News Jul 07, 2020 6:54PM ET
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If everybody does the smart thing and wear masks and follow the health protocols, this virus would be under control and the US economy would be back on track. Why are the people so silly?
George Macintosh
George Macintosh Jul 07, 2020 6:26PM ET
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most of the companies fundamentals are gone just slowed down. look like a profit day to me. look up dr zelenko there's the data there's the science. we can treat but he likes hcq. everything is to bury it till December. we are just pawns.
jack hong
jack hong Jul 07, 2020 6:08PM ET
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where are the hopeful vaccine trials that result in improvement in a handful of patients ?
Michael Natan
Michael Natan Jul 07, 2020 5:55PM ET
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So today there is a coronavirus, but will there be one tomorrow? It’s just hedge funds taking profits.
Frank Farrell
Frank Farrell Jul 07, 2020 5:27PM ET
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Covid 19 will disappear.....end off. EU efficient but UK/US inefficien*
Tom Daniel
Tom Daniel Jul 07, 2020 5:27PM ET
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I pray
Jerry Galasso
Jerry Galasso Jul 07, 2020 5:27PM ET
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On a long enough timeframe everything will disappear: you, me, the USA, our fiat currency, etc
John Patrick
John Patrick Jul 07, 2020 5:14PM ET
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Doubts of a recovery aren't just hinged on Covid 19. Stop misleading people and do some research
Vv Pp
Vv Pp Jul 07, 2020 5:14PM ET
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same people whining about the site.. same people say will leave the app but still here.. and tomorrow.. and the day after tomorrow..
Dan Kyle
Dan Kyle Jul 07, 2020 5:10PM ET
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buncha salty bulls here. what yall thought was a continuation of the bull run was just a consolidation from the March lows. which was the beginning of a bear run
Tom Daniel
Tom Daniel Jul 07, 2020 5:10PM ET
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With ten trillion in stimulus? Come on.
SUBBIAH SENTHIL
SUBBIAH SENTHIL Jul 07, 2020 4:57PM ET
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Every thing digest this is human nature why you worried. Be happey.
Tricky Dick
TrickyDick Jul 07, 2020 4:53PM ET
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How come no one is wearing masks? Oh yeah these pictures were from the 1987 crash
Raksaksa Tonne
Raksaksa Tonne Jul 07, 2020 4:53PM ET
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Cases surging is a natural consequence of running the country on post-truth politics, not science, facts or patriotism. Nothing new or surprising here.
sujit varpe
sujit varpe Jul 07, 2020 4:42PM ET
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why you make a headline such that every Dow moves happens due to news
Kelly Mayer
Kelly Mayer Jul 07, 2020 4:41PM ET
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Infected 3 million?! I'm sorry, but have you tested the whole US population to come up with that number? Do you know the estimates are around 10x that number and what that means for said death rate? I'll be happy to one day see sanctions and court orders against these news reporters due to all the stress related health issues and possible fatalities they are causing.
Dietmar Stahl
Dietmar Stahl Jul 07, 2020 4:35PM ET
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Irresponsible comments from Mester. The economy will grow with or without virus. There is absolutely no doubt about.
Plopseven Schwartz
Plopseven Schwartz Jul 07, 2020 4:35PM ET
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Until the factories can run without people, the stock market will definitely care about virus cases.
Jerry Galasso
Jerry Galasso Jul 07, 2020 4:35PM ET
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Absolutely no doubt, eh?I think it’s fair to say some of us have some doubts!
Thiago Detoni
Thiago Detoni Jul 07, 2020 4:28PM ET
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I think I´m eligible to be a finances reporter. Today I blame on the virus, tomorrow I say the up is associated to optimism the virus is going to fade away soon.
Miguel Garcia
Miguel Garcia Jul 07, 2020 4:28PM ET
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Yes. Very easy job. This reporter are jus a F joke...
Prem Varma
Prem Varma Jul 07, 2020 4:23PM ET
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What lazy reporting. The spike in cases is old news..the market knew it for a while.
Jozef Drozd
Jozef Drozd Jul 07, 2020 4:22PM ET
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I have never seen corona virus in my life ,it is all fake .lol
Ronald Warren
Ronald Warren Jul 07, 2020 4:22PM ET
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Come to Florida Hoss!! Not too hard to spot. Usually the guy in Walmart that can't stop coughing!!
Nk bag holder
Nk bag holder Jul 07, 2020 4:22PM ET
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Go to the hospital, inhale as hard as u can when the patient cough
Jozef Drozd
Jozef Drozd Jul 07, 2020 4:22PM ET
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Ronald Warren those are flu symptoms nothing else . There is no scientific proof of covid19 existence .
Joanne Sushames
Joanne Sushames Jul 07, 2020 4:22PM ET
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Jozef Drozd  Maybe if you get you head out of you backside , and all your family members Grandparents Parents Sidlings get sick drown in their own lung fluids because the cannot work anymore you can tell them to get over it as its only the flu you may and i say may get the point, but you seriously have a problem with your attitude and that is probably why you head is where it is
Jozef Drozd
Jozef Drozd Jul 07, 2020 4:22PM ET
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Joanne Sushames what is your source of information fake news TV's , media 90 %controlled by a bunch of owners and you think they will tell you the truth,CDC fauci , maybe gates who's pushing useless and dangerous vaccinations? I though so . Now go back to your hole .
Robert DZ the patterns
Robert DZ the patterns Jul 07, 2020 4:19PM ET
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fauci is a conn
Don Getty
Don Getty Jul 07, 2020 4:19PM ET
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the reopening news will not get better soon - current numbers will hold for the next week to ten days then there will be a new surge from all the fourth of july parties! Then if they hold the line for a 4 week period you may start to see things trend back downward about the end of august -but the damage will be done as the bounce back 3rd quarter will be way worse than the first - then you'll have to deal with do we re open schools and run the risk of kick starting the second wave - if your out of the first by then!
 
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