‘We’re in deep trouble,’ says Dr. Joseph Gerald, a University of Arizona public health policy professor
Flare ups of COVID-19 cases in the U.S. have delivered a fresh gut check to bulls on Wall Street, following an unprecedented market rebound from a coronavirus-ignited downturn back in March.
The U.S. recorded a one-day total of 34,700 new confirmed COVID-19 cases, the highest level since late April, when the number peaked at 36,400, the Associated Press reported, citing using data compiled by Johns Hopkins University.
Cases in the South and West of the U.S. have accelerated and threaten to reverse, or stall, plans to reopen economies nearly frozen for months to limit the spread of the deadly contagion. Over the past several days, hospitalizations and infections have been resurgent in places like California, with more than 7,000 new cases, as of Tuesday, and in Arizona where identified infections jumped nearly 50% from a week earlier, representing the largest increase by any U.S. state, The Wall Street Journal reported.
Nearly 48% of all positive cases have been among people between the ages of 22-44, the paper reported.
While the ramp-up in infections may not represent a “second wave”—experts say we are still in the first wave in the U.S.—the equity market on Wednesday suffered its biggest selloff since June 11, with the Dow Jones Industrial Average DJIA, -0.81%, the S&P 500 index SPX, -0.68% ending the session at least 2.6% lower and the Nasdaq Composite Index COMP, -0.70% snapping an eight-day win streak.