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Stock markets give up weeks of gains in major selloff

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After powering higher in recent weeks, stock markets fell backwards on Thursday, with the SP 500 down 5.9 and the FTSE 100 ending the day 4 lower. Investors had been plowing money back into the markets in hopes that the phased reopening of the US and other major economies meant that the worst of the pandemic is over. However, news of rising coronavirus cases in around half of all US states, especially in those that relaxed restrictions quickly, appeared to spook investors on Thursday. In Arizona, for instance, stay at home orders ended in midMay, with no requirement for people to wear masks and minimal contact tracing efforts, according to the Associated Press. There, from less than 400 new cases a day when the shutdown was lifted, new daily cases shot past the 1,000 a day mark in the weeks that followed.