Dow drops 730 points on COVID-19 fears

Stocks fell sharply on Wall Street Friday as the number of confirmed new coronavirus cases in the U.S. hit an all-time high, stoking worries among investors that the reopening of businesses they are banking on to revive the economy will be derailed. (June 26)

Video Transcript

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SETH SUTEL: Things are not going that great right now for the market. People are kind of anxious. And that's reflected in the fact that the market is very volatile. It's subject to sudden lurches up and down as people digest the latest news about COVID and what it means for the economy opening up again.

The markets had thought that things were going to go one way in the last several weeks, month, six weeks. And they've become pretty optimistic. And the market has been steadily going higher. And now the marker's questioning that idea, in that now they're thinking, well, hold on a second. You know, the economies are not going to open up as we hoped. In fact, you might go into reverse.

It's been a crummy several days. But despite that, there's been an enormous run-up in the market since late March. That was kind of the depths of the bottoming out recently as far as the market goes. So we are up a lot, but from a pretty bad place.

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