US stocks on knife edge over Covid-19 concerns

Published Sun, Jun 21, 2020 · 09:50 PM

US STOCKS rose slightly on a week that saw erratic swings in risk appetite and a resurgence in American cases of Covid-19.

This week, more volatility is likely as broad market indices test key levels, and pandemic status updates draw widespread attention.

The S&P 500 bounced at the 3,000 level earlier in June after a selloff. It will retest that level this week, and could fall through it if this Thursday's jobs data shows rising unemployment.

Stocks were sitting on substantial gains for the week around mid-day last Friday, when Apple warned that it was closing a number of stores in states where coronavirus was spreading fast, including Florida, Arizona and North Carolina.

These states were among the most aggressive in reopening businesses back in May. Now they are seeing among the most aggressive rates…