Today, I'd like to provide an update on the coronavirus, including the economic and market implications. On the medical front, we’ve seen modest deterioration over the past two weeks. Case counts and positive test rates have risen steadily, while hospitalizations and death rates have stabilized or increased by less than case growth. But with vaccinations continuing at an accelerating pace—the trend is now at more than 3.3 million per day—the race between vaccinations and the virus continues.
Turning to the economy, state reopenings have helped the job market and spending. March job gains were excellent, and layoffs continue to decline. Quits, which are a good indicator of worker confidence, are back to pre-pandemic levels, and consumer confidence saw a strong bounce. Given all this positive news, the economy continues to heal and looks likely to stay on course until vaccinations bring the virus under control. Indeed, this is exactly what the markets are expecting, with both the Dow and the S&P 500 hitting new highs.
So, could a return to normal be in sight? Watch my latest video to learn more.