Today, I'd like to provide an update on the coronavirus, including the effects on the economy and markets. We had some good news on the pandemic front this week, with the virus now back under control. Nationally, the daily spread rate is down to around 1 percent per day, and the daily number of new cases has held steady at about 55,000. Plus, the data shows that outbreaks are being contained in most states. One area of concern is testing. The number of tests has trended down over the past two weeks, and the positive rate remains well above what it should be.
While we’ve seen improvements in the medical news, the economic data continues to be somewhat softer. The jobs market is still improving, but consumer confidence has ticked down and consumer spending has softened. These metrics are something to watch, as consumer confidence and spending may depend on whether further federal unemployment support is provided.
Despite these rising economic risks, the stock market has been moving steadily upward and is now approaching new highs. So, is the recovery still on track? Watch my latest video to learn more.