US stocks had risen by roughly 40 percent from their March lows by early June on hopes for an economic recovery, but investors have since been worried by a global resurgence of COVID-19 cases.
Market researchers are reevaluating their early optimistic forecasts for the US stock market which continues to fluctuate in light of uncertainty over the coronavirus pandemic and business activity.
The S&P 500 and the Dow indices slid by 0.5 percent and 0.8 percent, respectively, and the Nasdaq Composite remained flat on Friday after 10 American states registered record seven-day average numbers of new COVID-19 cases.
Apple on Friday also confirmed rumours that it would shut down 11 reopened locations in Arizona, Florida, North Carolina and South Carolina. All four states have seen a spike in cases after lifting coronavirus restrictions, with Florida reporting 3,207 new cases on Thursday – the state’s biggest single-day increase since the onset of the pandemic.
Volatility has persisted in the stock market despite the Federal Reserve announcing yet another measure to revitalise the economy, a programme to buy up to $250 million in corporate bonds.
Worries for a slower economic recovery than previously predicted have affected the aviation and hospitality industries. Shares in American Airlines, Delta, Carnival, Norwegian Cruise and MGM Resorts have all posted losses for two consecutive weeks after a sharp rebound in May.
Sourse: sputniknews.com
