Continuing US COVID-19 surge raising risk of lockdown

More than 60,000 new COVID-19 infections were reported across the US on Wednesday, the highest daily tally of any country since the virus emerged late last year in China, according to Reuters. Deaths rose by more than 900 for the second straight day, the highest level seen since early June.

The number of confirmed US cases had crossed the 3 million mark on Tuesday.

In response to the surge of cases across the country, New Jersey adopted a stringent face-mask order on Wednesday, and New York City unveiled a plan to allow public school students back into classrooms for just two or three days a week.

In Arizona, as hospital admissions rose because of rising infections, the occupancy rate of adult intensive care unit beds has risen to 91 percent.

While the S&P 500 rose 0.8 percent on Wednesday to resume its rally after falling 1.1 percent on Tuesday, some analysts are becoming concerned about the continuing surge in COVID-19 cases.

“Up until now the U.S. has been rewarded because of expectations that we wouldn’t see any kind of significant lockdowns even if infection rates grew,” Invesco chief global strategist Kristina Hooper told CNBC on Wednesday. “But the reality is that when the hospitals fill up and there are no more beds, then governors are forced to reimpose lockdown measures.”