Stocks slide on Wall Street as new coronavirus cases surge

Stocks slumped on Wall Street after new coronavirus cases in the U.S. hit their highest level in two months, renewing worries that the economy may take longer to bounce back than investors had hoped

Wall Street’s recent rally hit a snag Wednesday as new coronavirus cases in the U.S. climbed to the highest level in two months, dimming investors’ hopes for a relatively quick economic turnaround.

The S&P 500 skidded 2.6%, shedding its gains for the week and leaving it nearly in the red for the month. The sell-off, which followed steep drops in European markets, accelerated around mid-morning on news that New York, New Jersey and Connecticut will require visitors from states with high infection rates to quarantine for 14 days.

Technology companies, which have been leading the market higher as it bounced back from a plunge in March,…