The S&P 500 dropped about 2 percent, a decline that picked up steam as the day progressed. Investors had plenty of reasons for concern. Dr. Anthony S. Fauci, a central figure in the U.S. government’s coronavirus response, warned lawmakers on Tuesday that “needless suffering and death” would result if the country opened up too quickly. In China, the city of Wuhan, which seemed to have tamed its outbreak, has reported six new infections in recent days, while cases have also risen in the northern part of the country.

Source: New York Times May 12, 2020 18:49 UTC