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Stocks on track for biggest drop since March on concern about economic recovery, coronavirus spikes

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The Dow Jones industrial average dropped 736 points, or 2.73%, in early trading Thursday. The Standard & Poor's 500 index fell 2.5%.

A stock market buoyed by state decisions to reopen economies pulled back sharply Thursday on reports of increasing COVID-19 cases and hospitalizations as restrictions have eased.

Investors also were spooked by a Federal Reserve that signaled on Wednesday it will likely keep its key interest rate near zero at least through 2022 – a positive for stocks -- but also foresees a long recovery that leaves unemployment elevated at 6.5% at the end of 2021. That's down from the current 3.5% but up sharply from a 50-year low of 3.5% in February.

At least a dozen states have reported increasing hospitalizations since Memorial Day, including several states that have been most aggressive in allowing restaurants, shops and other businesses to reopen. Thursday’s selloff also at least partly reflects profit-taking as investors who benefited from a 45% run-up in the S&P since March lock in gains, Ware says.

 

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And yet there are morons that think Trump is the best thing ever!🤔

Don't worry Trump said it was going to be all good so lets just go with that.

Wonder if clown in chief is gonna tweet about market today

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