Covid-19 cases in China are spiraling toward record highs

Covid-19 cases in China are spiraling toward record highs, forcing officials to again lock down large swaths of the country. China's capital Beijing reported 388 symptomatic new locally transmitted COVID-19 infections and 1,098 asymptomatic cases for Nov. 22, local government authorities said on Wednesday.

This is compared with 274 symptomatic and 1,164 asymptomatic cases the day before.

Authorities said 290 cases on Tuesday were found outside quarantined areas.

Meanwhile, Reuters reported that the Chinese city of Chengdu will conduct mass COVID-19 testing for its residents from Nov. 23 to Nov. 27, a government notice said late on Tuesday.

''Huang Hui, deputy director of the Chengdu Municipal Health Commission, said 'in order to detect infected people as soon as possible, cut off the transmission chain, and curb the rapid rise of the epidemic,' health authorities have decided to implement mass testing across the city from Nov. 23 to Nov. 27.'' 

In Shanghai rules were tightened for people entering the city as the country grapples with a spike in COVID cases, sparking worries about its impact on the economy.

Nevertheless, markets have looked past the threat of a global slowdown related to covid with the S&P 500 closing at its highest level in 2-1/2 months. The Dow Jones Industrial Average rose 397.82 points, or 1.18%, to 34,098.1, the S&P 500 gained 53.64 points, or 1.36%, to 4,003.58 and the Nasdaq Composite added 149.90 points, or 1.36%, to 11,174.41. US stock futures were little changed on Wednesday as investors braced for the latest Federal Reserve meeting minutes that could guide the US rates outlook.