The concern over the pandemic's potential effects on the recovery spurred a rout in global markets on Monday, with the Dow Jones Industrial Average falling 2.1%. Stocks of companies that would be hurt the most by potential COVID-19 restrictions sustained some of the heaviest losses. Financial markets have been showing signs of increased concern for a while, but the U.S. stock market had remained largely resilient.
Many would-be homebuyers haven't been able to take advantage of the ultra-low mortgage rates because of the tight supply of homes for sale and high prices. The National Association of Realtors reported Thursday that sales of previously occupied homes rose in June, snapping a four-month losing streak, while strong demand for higher-end properties and low home-loan rates helped push prices to new highs.