Stock market news live updates: Stock selloff accelerates as coronavirus cases surge in some states

Stocks sank Wednesday, with the S&P 500 and Dow selling off by more than 3% as rising numbers of Covid-19 infections in some regions spooked investors.

Florida and California on Wednesday reported record high one-day tallies for new confirmed coronavirus cases at 5,508 and 7,149, respectively. Arizona on Wednesday saw another 1,795 positive cases after adding a record 3,591 on Tuesday. In Texas, Houston Mayor Sylvestor Turner said that the city’s intensive care units were at 97% of capacity, according to a Twitter post from a Houston city councilwoman.