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Dow falls 396 points, reversing Monday's gains

July 7 (UPI) — The Dow Jones Industrial Average fell nearly 400 points on Tuesday as the major U.S. markets reversed gains from the beginning of the week.

The blue-chip index ended the day down 396.85 points, or 1.51 percent, after rising in back-to-back sessions. The S&P 500 dropped 1.08 percent and the Nasdaq Composite slid 0.86 percent, each snapping five-day winning streaks.

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After boosting the Nasdaq to a record high on Monday, tech stocks faltered Tuesday as Amazon stock dropped 1.86 percent and Microsoft fell 1.16 percent. Apple stock also slid 0.31 percent and Netflix decreased 0.13 percent.

Markets were affected by the COVID-19 pandemic as cases continued to surge in some parts of the nation with the United States recording 2.95 million total cases and as New York and New Jersey added travelers from Delaware, Kansas and Oklahoma to their lists requiring 14 days of quarantine.

Stocks that would benefit from lifting restrictions due to the COVID-19 pandemic and reopening businesses also declined. United Airlines plummetted 7.55 percent and American Airlines dropped 6.95 percent, while Carnival stock declined 6.66 percent and Norwegian Cruise Lines fell 5.33 percent.

Tuesday’s gains came after stocks rose sharply to begin the week on Monday as the Dow rose 459 points and the Nasdaq gained more than 2 percent.