Coronavirus latest: Gilead scores $900m sales bump from its Covid drug in third quarter

US and European stocks tumbled on Wednesday amid rising coronavirus cases in both regions, threatening economic recovery.

The US reported its third-biggest one-day jump in coronavirus cases, and more than 1,000 deaths, on Wednesday.

Adding to the worrying figures, a record number of states now have higher levels of patients hospitalised with coronavirus compared than four weeks ago.

A further 78,661 people tested positive, according to Covid Tracking Project data, up from 73,096 on Tuesday and compared with 60,712 on Wednesday last week.

That is the third-biggest one-day jump in cases since the start of the pandemic, ranking behind 83,057 last Friday and 82,925 the day after.

Nearly all states have experienced a rise in cases over recent weeks.

As of Wednesday, 49 states and the District of Columbia had a seven-day average higher than seven days ago, according to FT analysis of Covid Tracking Project data, a proportion previously seen in early April.

Illinois reported the biggest single-day jump in cases among states, with 6,110 new infections that marked its second-biggest daily load of the pandemic.

On Wednesday, 22 states had seven-day averages of cases that were at a record level, the highest proportion since mid-July, when Covid-19 was spreading quickly through sunbelt states.

Authorities attributed a further 1,025 deaths to coronavirus, up from 931 on Tuesday and compared with 1,024 last Wednesday.

On Wednesday, 47 states and the District of Columbia, had a higher level of hospitalisations than four weeks ago, the highest proportion of the pandemic, according to FT analysis of Covid Tracking Project data.

Texas reported its biggest one-day jump in deaths in a week on Wednesday, with hospitalisations climbing again and to their highest level in almost two and a half months.

The state's health department attributed a further 105 fatalities to coronavirus, up from 81 and compared with 114 on Wednesday last week.

A further 5,175 people tested positive over the past 24 hours, down from a two-month high on Tuesday of 7,055 and compared with 4,991 on Wednesday last week.

Illinois reported its second-biggest one-day jump in coronavirus infections on Wednesday.

California reported a daily rise in coronavirus cases and fatalities above recent averages on Wednesday.

Florida is closing in on the 800,000 confirmed-case mark after reporting more than 4,000 new cases on Wednesday.

New York became the fourth US state to confirm 500,000 infections, with a tick-up in cases over the past month helping accelerate its path toward the half-million threshold.

Oil prices came under pressure after reports showed US inventories last week grew by a greater level than expected, adding to fears over demand