Stocks are turning mixed on Wall Street early Wednesday as markets around the world take a pause following their big rally a day before.
Still, many professional investors urge caution and say the market’s big rally may have been overdone. The road back to full recovery will be long and is full of potential setbacks, in sharp contrast to the quick surge of roughly 40% for the S&P 500 since late March. It said late Tuesday that it’s cancelling most of its voyages cruises through September. Its shares fell 7.3%.The chief risk for the market lies in rising infection levels in several hotspots around the world, including Florida, Texas and China. Even if authorities don’t reinstate widespread lockdowns, the worry is that businesses and consumers could get frightened by new waves of infections and pull back on their spending.
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