S&P 500 Can’t Fight A Stock Selloff as Coronavirus Cases Rise
The S&P 500 has given up roughly 2.78% so far today as news of increasing coronavirus cases across certain U.S. states is increasing unease. Specifically, California, Texas and Arizona all reported records for daily infections Tuesday.
Not surprisingly, some of the hardest hit names on the market today are airlines and brick and mortar retailers. American Airlines (NASDAQ: AAL) is down over 5.9%, while Kohl's (NYSE: KSS) is down around 5.5%. The ramifications of increased COVID-19 cases span across all sectors and could threaten the market's attempt to rally over the last month. An area of big concern is Florida, where cases have risen rapidly in conjunction with the states reopening. Tuesday saw more than 3,000 more cases added. With its large theme park in the state, Disney (NYSE: DIS) shares are down over 5% in response to the news.
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Source Fool.com
