Stocks Drop After Coronavirus Outbreaks In Beijing And U.S. States

A man who visited Beijing recently is tested for the coronavirus in Nanjing in China's eastern Jiangsu province on Monday.
A man who visited Beijing recently is tested for the coronavirus in Nanjing in China's eastern Jiangsu province on Monday.
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Updated at 12:07 p.m. ET

U.S. stock indexes fell Monday as dozens of new cases were discovered in Beijing, prompting renewed lockdown measures. Meanwhile, cases are still rising in several U.S. states that have reopened their economies.

In midday trading, the Dow Jones Industrial Average was down 162 points, or 0.6%, and the broader S&P 500 index slipped 0.4% after being down even more earlier in the day.

Renewed volatility has returned to the markets. Just on Friday, U.S. indexes surged, with the Dow soaring 477 points. A day earlier, the Dow plunged 1,861 points.

Stock markets also fell in Asia and Europe on Monday.

Nearly 80 new cases of the coronavirus have been found in Beijing since Thursday, raising fears of a second wave of infections in the Chinese capital.

In the U.S., cases are surging in many states that have lifted lockdown orders, raising fears that an economic recovery will stall if lockdowns resume. Florida is seeing an average of more than 1,600 new cases per day and Arizona and North Carolina are seeing an average of more than 1,200 new cases per day.

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