Today I'd like to provide an update on the coronavirus, including the economic and market implications. On the medical front, we appear to be well past the peak of the third wave, with daily infection rates and hospitalizations down. A more contagious variant of the virus could start another wave of infections, although there are no signs of that happening yet.
Turning to the economy, we had more positive developments. States have reopened, which has helped job growth. This better employment picture combined with the federal stimulus payments pushed retail spending up sharply last month, and business confidence has also remained very strong. With all of this good news, the markets have held near all-time highs, and analyst earnings estimates continue to be adjusted upward.
So, are we finally nearing the light at the end of the tunnel? Watch my latest video to learn more.