August 8, 2020, 5:14

Dow Slumps 361 Points as US COVID-19 Cases Surge

Dow Slumps 361 Points as US COVID-19 Cases Surge

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.

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.

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.

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.

New Report Sees Jobless Claims Remain Elevated

With new COVID-19 cases emerging across the Land of the Free, investors are growing increasingly concerned that the effects of the pandemic will further delay an economic recovery.

Although the report noted a drop of 99,000 claims from the week prior, the new figures also marked the 15th consecutive week in which initial claims totaled over 1 million.

Liz Ann Sonders, the chief investment strategist at financial company Charles Schwab, told CNBC that “these are definitely good numbers, but this is going to be a long and bumpy road.”


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