Stocks sunk Monday morning on fears of a surge in coronavirus cases, as states like Arizona, Florida, North Carolina and Texas have reported a sharp rise in new virus infections. As of Saturday, coronavirus cases were climbing in 22 states.
On Monday, the Dow declined 2.37%, the S&P 500 dropped 1.98%, and the Nasdaq fell 1.5%.
Last week, the market had its worst week in nearly three months; the Dow closed the week with a 5.6% loss, and the Nasdaq declined 2.3%.
Coronavirus cases are spiking globally as well. China reported an outbreak of new infections in Beijing. The city of 21 million people is reintroducing strict lockdown measures.
All told, over two million people have contracted COVID-19 in the U.S., according to data from Johns Hopkins. Brazil is the country with the next-most cases, with around 867,000.
TheStreet's Katherine Ross interviewed Dr. Anthony Fauci last week. While he's cautiously optimistic about the development of a vaccine, Fauci emphasized the importance of wearing a mask. Here's what he had to say:
Masks "...can protect you a certain degree, not a hundred percent, in protecting you from getting infected from someone who, either is breathing, or coughing, or sneezing, or singing or whatever it is in which the droplets or the aerosols go out. So masks work," Fauci said.