MARKETS: Stocks are moving lower on Wall Street amid surge in new coronavirus cases in the U.S.
The Associated Press
Cruise lines, which would stand to suffer greatly if travel restrictions are extended, were among the biggest losers in early trading. Norwegian Cruise Line, Carnival and Royal Caribbean Cruises were each down more than 9%. But the recent surge in new infections is undercutting some of that optimism. New coronavirus cases in the U.S. have surged to their highest level in two months after trending down for more than six weeks. While early hot spots like New York and New Jersey have seen cases steadily decrease, the virus has been hitting the south and west. Several states on Tuesday set single-day records, including Arizona, California, Mississippi, Nevada and Texas.
Prakash Sapal, senior economist for ING, said the focus is slowly shifting back to the COVID-19 pandemic from optimism about a rebound from loosening lockdown restrictions.
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