Stocks Pare Gains as Virus Angst Offsets Jobs Data: Markets Wrap
- U.S. coronavirus cases had the biggest increase since May 9
- June jobs rise above-forecast 4.8 million before virus surge
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U.S. stocks pared gains on speculation that a second wave of coronavirus cases could jeopardize an economic rebound from the sharpest contraction on record.
The S&P 500 came off session highs amid a slump in trading volume ahead of a holiday on news that U.S. virus cases had the biggest increase since May 9. Earlier, Florida reported that infections and hospitalizations jumped the most ever, and Houston had a surge in intensive-care patients. The figures offset data showing payrolls rose by 4.8 million in June after an upwardly revised 2.7 million gain in the prior month.