The latest developments weighed on stock gains in trading yesterday
US equities closed higher but saw its early optimism tempered with as the coronavirus outbreak continues to rear its ugly head, with some reports suggesting that cases are rising in 40 out of 50 states across the country now.
There was ~55,000 cases reported yesterday, marking a third straight daily record and unless something changes, it is hard to imagine how things may get much better for now.
Florida saw its daily case count rise above 10,000 for the first time but that owed to increased testing. The positive hit rate was a tad lower than previous days but it still isn't comforting to see the raw figure being that high.
As mentioned here yesterday, you would think that at some point the numbers will grow big enough to instill fear among the general population that it will adversely impact spending, consumption and even working conditions.
And we may already be starting to see early signs of that.
It is going to be interesting to see how economic and business conditions fare once the government aid runs out at the end of this month.
