FILE - In a Friday, May 1, 2020 file photo, NYPD officers walk along a sparsely populated Wall Street, in the Manhattan borough of New York. The devastation rocking the economy becomes more clear by the week with reports continually showing how many million workers have lost their jobs due to the coronavirus outbreak. Wall Street sees that pain, but it already sent the U.S. stock market down by a third more than a month ago on anticipation of that. Now, it’s looking further ahead and sees a future that’s not as bad as this horrific present. That’s why stocks just had their best month in a generation. Whether they’re correct is still to be determined. (AP Photo/John Minchillo, File)
Stocks are moving sharply lower on Wall Street after new coronavirus cases in the U.S. hit their highest level in two months. The S&P 500 fell 2.4% in late morning trading Wednesday, giving up its gains from earlier in the week. Markets have been rallying in recent weeks on hopes that U.S. states and regions around the world could continue to lift lockdowns put in place to slow the spread of the coronavirus. Cruise lines, which would stand to suffer greatly if travel restrictions are extended, were among the biggest losers. Energy stocks fell along with oil prices.
