Data compiled by Johns Hopkins University showed that more than 45,000 new cases were confirmed across the U.S. on Saturday.
"We are currently experiencing a spike in COVID-19 cases, particularly in the sunbelt states that were in the vanguard of loosening social distancing restrictions to facilitate the reopening of their economies," said Marc Chaikin, CEO of Chaikin Analytics, in a post.
"That reopening momentum has been halted by the spike in COVID-19 cases and the temptation to translate this into a bearish outlook for stocks is strong," he added. "Fatalities have not spiked, however, but are a lagging indicator. Thus the next two weeks are critical for a number of reasons." Wall Street was coming off strong gains after a shortened trading week due to the July Fourth holiday. The Dow and S&P 500 rose 3.3% and 4%, respectively, last week and the Nasdaq advanced 4.6% in that time.
The market also wrapped up last week its best quarterly performance in decades. The Dow rallied more than 17% for the second quarter while the S&P 500 jumped nearly 20% in that time period. The Nasdaq posted a gain of 30.6% for the quarter.for exclusive insights and analysis, and live business day programming from around the world.
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