US stocks slid Monday as investors focused on spiking global coronavirus casees, which offset continued economic-reopening progress. Gold rose, nearing its highest level since 2012, as investors bought the safe-haven asset. New coronavirus cases hit records in some US states, and continue to gain globally. Read more on Business Insider.
US stocks slid Monday as investors focused on spiking global coronavirus casees, which offset continued economic-reopening progress. New cases of coronavirus continue to increase in the US as the country reopens from lockdowns that began in mid-March to contain the disease. The US reported more than 30,000 new COVID-19 cases on Friday and Saturday, the highest levels since May 1, according to Johns Hopkins University data. Here's where US indexes stood shortly after the 9:30 a.m. ET market open on Monday:
S&P 500: 3,082.58, down 0.5% Dow Jones industrial average: 25,694.12, down 0.7% (177 points) Nasdaq composite: 9,931.85, down 0.1%
Read more: Jefferies created a 6-step process for finding companies that will keep paying strong dividends — and landed on these 20 global stocks as 'rock-solid' picks Global cases are also on the rise. On June 21, new COVID-19 cases hit a single day record according to the World Health Organization. Still, US equities have erased nearly all of their losses in recent weeks, putting the S&P 500 within 10% of its pre-coronavirus all-time high. Gold climbed near its highest level since 2012 as investors pile into the asset amid fears of a second wave of COVID-19 cases. Stocks tied to the economic reopening were mixed in early trading — airlines declined on Monday, but retailers such as Gap gained. Oil prices slid. West Texas Intermediate crude fell as much as 1.6%, to $39.12 a barrel, while international benchmark Brent crude declined 1.5%, to $41.58 per barrel, at intraday lows. Read more: A 30-year market veteran explains why we're in 'one of the nutsiest bubbles in the history of bubbledom' — and warns of an 'underwater' economy for the next several yearsJoin the conversation about this story » NOW WATCH: Why electric planes haven't taken off yet
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