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Jim Cramer Expects Wednesday to Be 'Another Down Day' for the Markets

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Stocks were falling in intraday trading on Tuesday as optimism over a coronavirus vaccine faded somewhat with the reality that the pandemic continues to escalate in the U.S. and across the globe.

The Dow last set a record closing high on Feb. 12, just weeks before the coronavirus began spreading across the country.

According to the COVID-19 Tracking Project, there were 148,000 cases reported in the U.S. on Monday, while hospitalizations climbed to 73,000. 581 deaths were reported on Monday.

Many states across the country have implemented lockdowns again as they did in early spring to control the spread of the virus. California's indoor businesses were hit with new restrictions, while Iowa issued a limited mask mandate. Oregon, Washington and New Jersey also tightened restrictions.

WATCH: Everything Jim Cramer Is Watching in Markets Tuesday

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