Jun 24, 2020

US shares hit as virus surge revives economic fears

Financial markets in the US dropped more than 2% on Wednesday as a rise in coronavirus cases raised the prospect of another round of lockdown measures. New York and two nearby states announced a quarantine on visitors from some US hotspots, while Europe was said to be considering a ban on US visitors. Cruise lines Carnival, Royal Caribbean and Norwegian tumbled more than 11%, while retailer Gap and shopping mall owner Simon Property Group fell more than 7%. Energy firms, already grappling with a drop in demand for oil, also slumped, with giants Exxon and Chevron both down more than 4%. Disney, which has seen its parks closed, cruises cancelled and filming disrupted due to the pandemic, tumbled 3.9%. The firm is preparing to re-open all of its parks by mid-July, including its properties in Florida and California. In Florida, one of the virus hotspots, more than 7,000 people have signed an online petition surging the company and local officials to reconsider the re-opening plans. On Sunday, the new daily coronavirus cases reported in Florida were quadruple the amount reported when the state began reopening on 4 May. Top health advisor Dr Anthony Fauci said many US states including Florida are seeing a "Disturbing surge" in cases on Tuesday.

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