S&P 500 Index: Florida's 10,044 new COVID-19 cases slow stock gains

The S&P 500 Index is around 3,163, off the peak of 3,171.8 recorded earlier in the session. Investors are following the development of coronavirus cases in the US.

Florida reported an increase of 10,044 cases on Tuesday, up from 7,347 on Tuesday. The rise is partly attributed to a higher test load – 75,865 against 48,508. The positive test rate has dropped to around 14% compared with 16% previously. Total infections are up 4.7%, below the seven-day rolling average of 5%. 

While the lower positive test rate and deceleration are welcome developments, the number of new cases is of worry. Daily hospitalizations are up by 333, lower than 380 beforehand. The long weekend may cause fluctuations in daily data. 

S&P 500 Chart

The S&P 500 Index advanced on Monday but retreated on Tuesday. It kicked off Wednesday on a lower note but recovered. Hopes for fiscal stimulus and ongoing monetary support keep stocks bid.