Dow sinks 1,500 as virus cases rise, deflating optimism

Coronavirus

FILE – This July 16, 2013 file photo shows a street sign for Wall Street outside the New York Stock Exchange in New York. Stocks are opening slightly lower on Wall Street, Tuesday, March 31, 2020, as investors close out a brutal month of March. The S&P 500 is headed for its biggest quarterly decline since the last quarter of 2008.(AP Photo/Mark Lennihan, File)

NEW YORK (AP) – Stocks are falling sharply on Wall Street as coronavirus cases increase again, deflating recent optimism that economy could recover quickly as lockdowns ease.

The Dow fell more than 1,500 points and the S&P 500 was on track for its worst day in nearly three months.

Many market watchers have been saying that a scorching comeback in the market since late March was overdone and didn’t reflect the dire state of the economy.

A day earlier, the Federal Reserve said the road back to recovery would be long. Bond yields fell sharply, a sign of increasing caution among investors.

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