Dow Slumps 350-Plus Points as US COVID-19 Cases Surge


Business20:00 GMT 09.07.2020(updated 20:03 GMT 09.07.2020) Get short URL
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US stocks fell into red territory Thursday, with the Dow Jones Industrial Average index plummeting more than 350 points as skyrocketing COVID-19 cases prompted concerns over the US’ economic recovery.

At closing bell, the Dow Jones fell by XXX points, as the S&P 500 saw a XXX-point loss. However, the tech-heavy NASDAQ managed to stay in the green with a gain of XXX points. 

Shares that suffered blows during the day’s trading included those of the travel industry’s Royal Caribbean Cruises and American Airlines Group, as well as stocks tied to retail stores Walgreens and Bed Bath & Beyond, among other hard-hit companies.

US markets, however, hit their worst lows of the day after the Florida Department of Health reported 8,935 new COVID-19 cases, bringing the total number of cases confirmed in the Sunshine State to 232,718. 

According to the Sarasota Herald-Tribune, the rate of positive tests for the whole of Florida was a whopping 19.5% for the past seven days. 

Analysts anticipate that COVID-19 figures in the state will only continue to spike as theme parks, such as Universal Studios and Walt Disney World’s Magic Kingdom and Animal Kingdom, are set to reopen.

At present, over 3 million novel coronavirus cases have been confirmed in the US, according to data from Johns Hopkins University. More than 130,000 COVID-19-related deaths have been reported in the US. 

Indices only appeared to recover somewhat after Dr. Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases, noted in a Thursday video statement that a COVID-19 vaccine could be accessible by 2021. He also stated that Moderna’s vaccine candidate would likely advance into phase three clinical trials by the end of the month.



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