The Dow Jones Industrial Average fell more than 800 points, or over 3%, as news of a significant amount of new COVID-19 cases across the U.S. appears to have investors spooked.

The S&P 500 and Nasdaq were also both down more than 2.5% by midday.

Florida reported its highest one-day increase of coronavirus cases on Wednesday, an increase of more than 5,500 cases in the last 24 hours, bringing its statewide total to 109,000.

Meanwhile, 26 states are reporting rising numbers of new COVID-19 cases as the outbreak in the U.S. rages on. The increase in confirmed cases comes as many states begin to reopen following pandemic-related closures of businesses and social gatherings.

The sharp drop in financial markets on Wednesday also comes on the heels of a gloomy International Monetary Fund economic outlook released earlier in the day.

The IMF predicted global growth in 2020 to fall by by 4.9%, more than their initial forecast. It predicted growth in the U.S. to plummet by 8%.

“The COVID-19 pandemic has had a more negative impact on activity in the first half of 2020 than anticipated, and the recovery is projected to be more gradual than previously forecast,” the economists wrote in their report.

This is a developing story. Please check back for updates.

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Eurozone economy on track for double-dip recession

HS Markit’s final Composite Purchasing Managers’ Index (considered a good gauge of economic health) dropped to 50.0 last month, from September’s 50.4. The 50 mark, which separates growth from contraction, was dragged down by the services PMI, which fell to…

Nevada governor shutters gambling, dining to halt virus

LAS VEGAS — Gambling will grind to a halt by Wednesday in casino-mecca Las Vegas, a city known for glitzy and sometimes reckless fun, as the governor of Nevada issued a sweeping statewide order aimed to stop the spread of…

Seize RCEP opportunities, premier says

Li: Employ pact’s rules, measures to promote high-level opening-up Premier Li Keqiang has highlighted the need to seize the opportunities arising from the signing of the Regional Comprehensive Economic Partnership agreement and explore new room for international cooperation. In remarks…

Exclusive: Argentina may delay debt restructuring deadline amid impasse – source

BUENOS AIRES (Reuters) – Argentina’s government is considering pushing back a deadline for creditors to respond to its foreign debt restructuring proposal until mid-to-late August, a source close to the negotiations told Reuters on Wednesday. The cut-off for the $65…