Dow plunges nearly 7 percent on concerns of COVID-19 resurgence

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Image: Beaches reopen with restrictions to limit the spread of the coronavirus disease in MIami Beach
A worker sanitizes loungers as beaches are reopened with restrictions to limit the spread of the coronavirus disease (COVID-19), in Miami Beach, Florida on June 10, 2020.Marco Bello / Reuters

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U.S. stocks dropped sharply on Thursday as investors weighed sobering economic forecasts and new data, along with indications that the COVID-19 pandemic is far from subsiding.

Several sectors including hospitality and leisure suffered steep declines. As more than 20 states report a climb in coronavirus cases, there are new worries that consumers will be reluctant to return to restaurants and take trips. Those worries were fueled in part by data showing an additional 1.5 million people filing for unemployment for the first time last week hursday by the Department of Labor.

Meanwhile, Dr. Ashish Jha, director of the Harvard Global Health Institute, told TODAY that he expects the country to cross 200,000 deaths in September. "This pandemic is going to be with us until next spring or summer when we have a vaccine. This is not faded," he said.

Here's what you need to know about the coronavirus, plus a timeline of the most critical moments:

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This live coverage has now ended. Continue reading June 12 coronavirus news here.

Disney unveils plans to reopen California parks and resorts

Patrons walk in front of Sleeping Beauty Castle at Walt Disney Co.'s Disneyland amusement park in Anaheim, Calif. on Aug. 5, 2010.George Frey / Bloomberg via Getty Images file

Nearly three months after closing, Disney has set its sights on a phased reopening for its California parks and resorts starting early next month, the company announced Wednesday.

Downtown Disney District will begin reopening on July 9, Disneyland and Disney California Adventure will reopen by July 17 and Disney’s Grand Californian Hotel & Spa and Disney’s Paradise Pier Hotel plan to reopen on July 23. All of these dates are subject to state and local government approval.

Parades, nighttime spectaculars and character meet-and-greets will return at a later date, the company said. 

Theme park capacity will be significantly limited to comply with government requirements as the coronavirus pandemic continues to spread. Visitors will be required to make a reservation in advance for park entry.