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Stock markets drop sharply upon opening Thursday over fears of a COVID-19 resurgence

Stock markets drop sharply upon opening Thursday over fears of a COVID-19 resurgence
Posted at 10:04 AM, Jun 11, 2020
and last updated 2020-06-11 16:12:10-04

Stocks are opening sharply lower on Wall Street as investors turn jittery once again in the face of rising numbers of coronavirus infections in many U.S. states and countries.

The S&P 500 finished the day down nearly 6%. The Dow Jones also finished on a sour note, losing more than 1,800 points for the day.

Stocks have been rallying over the past two months at a rate that many skeptics said was unsustainable and that didn't reflect the dire condition of the economy.

The Federal Reserve warned a day earlier that the road to recovery would be long. European and Asian markets also fell. Bond yields fell. The price of crude oil dropped 7%.