The Dow dropped 710.16 points, or 2.72%, to 25,445.94. The S&P 500 slid 2.58% to close at 3,050.33. The Nasdaq Composite closed 2.19% lower at 9,909.17 Several states reported big spikes in coronavirus cases, raising concern over the economic recovery.
Florida said its confirmed cases jumped by 5,508 on Tuesday, a record, and now total 109,014. The state also said its positivity rate rose to 15.91% from 10.82%. California, meanwhile, added more than 7,000 cases on Tuesday. In Texas, the number of Covid-19 cases jumped by 5,489. Meanwhile, New York, New Jersey and Connecticut ordered visitors from certain hotspot states to quarantine for 14 days.
Shares of companies benefiting from the economy reopening lagged on Wednesday. United Airlines, Delta and American all fell at least 7%. Carnival and Norwegian Cruise Line slid 11.11% and 12.37%, respectively.