Stocks slam into reverse as virus keeps scarring economy
Source: AP
By STAN CHOE, DAMIAN J. TROISE and ALEX VEIGA
NEW YORK (AP) — Wall Street got a painful reminder of the threat the coronavirus pandemic poses to the economy Monday, and a big early gain for stocks suddenly flipped to losses after California rolled back its reopening plans amid a spike in cases.
The S&P 500 fell 0.9%, with all the losses accumulating in the last hour of trading, after California said it will extend closures of bars and indoor dining across the state, among other restrictions. It’s one of many states across the U.S. West and South where coronavirus counts are accelerating and threatening the budding recovery that just got underway for the economy.
The announcement from California, which accounts for nearly 15% of the country’s economy, combined with an escalation by the White House in its tensions with China to knock the market down from its earlier gain of 1.6%.
Technology stocks took the hardest hits, highlighted by Microsoft’s swing from an early gain of 1% to a loss of 3.1%. It’s a sharp step back for tech-oriented giants, which have been cruising higher through the pandemic on bets that they can keep growing almost regardless of the economy.
A man wearing a face mask to help curb the spread of the coronavirus stands near an electronic stock board showing Japan's Nikkei 225 index at a securities firm in Tokyo Monday, July 13, 2020. Asian shares rose Monday, cheered by recent upbeat projections on a global rebound tempered with worries about disappointment that could follow.(AP Photo/Eugene Hoshiko)
Read more: https://apnews.com/f4129ff536b0fd83d91f6812e00ada6b
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We're doing nothing to combat one of the most deadly pandemics in history? "The economy's going great!"
A major state (finally) does the sensible thing to prevent more deaths? "Sell! Sell!"
This will be the most hated rally in history if it keeps going up. It may just go sideways for an extended time while Wall Street toughs it out. Or we'll get that huge slide to buy into. It's one of the three. 
Contagious, deadly virus is set lose in the country. Businesses, schools, etc. shutdown to contain the outbreak. Some states ignore expert advice and reopen too quickly. Humans, being human, have this arrogant idea they can control the natural world with only their minds!!!! As though SARS-CoV-2 really cares what they think or feel. They quickly become bored, ignore expert advice as well and revert to unsafe practices. Virus quickly flares again, states reimpose shutdowns and Republican governors look like complete morons..along with all those folks who became bored. And with all that widely available data, computer models and expert advice, Wall Street couldn't predict THAT!? 
Oh...I forgot. This is the same market and market players who swore housing prices could never go down, only up, up, up!!! Ignoring the simple math of compounded price appreciation, where eventually no one can afford even a shack. Of course, the melt down ended that lunacy.
Biden was elected. Is money still worth anything?
Only an idiot would think you could ignore the virus and that the markets wouldn't be affected.... ummmm.... yup.
