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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

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%.