The market is in the middle of a selloff in intraday trading on Thursday.
This comes as there are 9.6 million cases of the coronavirus worldwide, with over 490,000 deaths.
The U.S. has over 2.4 million cases with over 124,000 deaths.
Texas will roll back some reopening plans as coronavirus cases have surged and hospitalizations have soared, about two months after allowing businesses to reopen.
“As I said from the start, if the positivity rate rose above 10%, the state of Texas would take further action to mitigate the spread of COVID-19,” Texas Gov. Greg Abbott said. “At this time, it is clear that the rise in cases is largely driven by certain types of activities, including Texans congregating in bars."
Bars in Texas were ordered to close by noon Friday. And restaurants will be required to operate at 50% capacity starting Monday.
This move came less than 24 hours after Abbott ordered a pause on reopening phases in Texas.
And Florida Gov. Ron DeSantis ordered bars to close in his state after indicating that he would not move the state into its next phase of reopening.
Florida reported nearly 9,000 new cases on Thursday.
Dr. Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases and a member of the White House Coronavirus Task Force, told CNBC's Meg Tirrell that as virus cases spike mostly across the American South and West, the country will soon “be seeing more deaths."
So, what's going on with the selloff?
Kenny Polcari, senior market strategist at Slatestone joined TheStreet to talk about the market selloff and give some advice for investors.
You can follow Katherine Ross on Twitter @byKatherineRoss.
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