Stocks are in flux on Monday, going from positive to negative as investors focused on the U.S. economic recovery and looked past a rise in coronavirus infections in many countries across the globe.
The U.S. has 2.1 million cases, with over 116,000 deaths.
Stocks finished higher Tuesday after U.S. retail sales in May rebounded strongly as states eased lockdown measures and Federal Reserve Chairman Jerome Powell reiterated the central bank would continue to use all its tools to support the economy through the coronavirus pandemic.
In an appearance before the Senate Banking Committee on Tuesday, Powell said "significant uncertainty remains about the timing and strength of the [U.S.] recovery."
This week, Florida, Texas and Arizona have set daily records for new cases.
On Tuesday, Florida recorded nearly, 2,800 new cases. However, Ron DeSantis, the governor of Florida, said that Florida will not be shutting down again despite hitting new daily records three days in a week.
Nine Texas mayors have sent a letter to Governor Greg Abbott asking to require masks. The mayors included are from Austin, Dallas, Houston and San Antonio, among others.
On Tuesday, Texas reported a total of 2,518 patients hospitalized, which breaks the previous record.
The state also announced a record-breaking number of new cases at 2,600.
And Arizona, on Tuesday, reported nearly 2,400 new cases, which is a record high.
So, what is driving these markets?
Jim Cramer says, “You're just not going to get the kind of volume that you used to get until you get a vaccine."
He noted that the service industry, which relies on crowds, will be particularly hard hit by this, leading Cramer to predict a market rollover is on the way.
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