US Stocks Take A Hit As Coronavirus Fears Increase

The stock market fluctuated throughout Monday amid heightened fears over outbreaks of the novel coronavirus worldwide.

Travel-related stocks, including those in the airline and hospitality industries, led to the market’s decline, with energy stocks and oil prices falling Monday morning, The New York Times reported. The S&P 500 fell over 1%, but was up 0.83% as of press time.

The decline is the latest development in a stock market that has been relatively volatile in recent weeks. After sharp drops in March as the virus initially began to widely spread, leading to the S&P falling over 6%, markets began to climb as many countries ended their pandemic-related shutdowns.

The market had been performing relatively well, especially when compared to the economy as a whole, which entered a recession in February and saw unemployment reaching the mid-teens nationwide, according to reports from the Bureau of Labor Statistics.

The stock market’s fall comes as about 20 states are reporting increases in confirmed coronavirus cases. Florida, Arizona and Texas have all recently reported record highs in single-day cases, according to a New York Times case count.

In New York, Gov. Andrew Cuomo said his state might have to return to a lockdown. In Oregon, the governor issued a temporary pause to the state’s reopening over its rising case rate via a statement June 11.

Written by Andrew Trunsky

Andrew Trunsky is a contributor to The Schpiel.


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