Today, I'd like to provide an update on the coronavirus, including the economic and market implications. It was another bad week on the medical front. The viral outbreaks in several states continued to get worse, with some health care systems reaching capacity. Further, new cases at the national level broke 60,000 per day for the first time, and the daily spread rate reached 2 percent per day. Although the risks are rising, the affected states have started to impose the needed restrictive measures, and the public has begun to modify its behavior. As such, we can reasonably expect these outbreaks to peak and then decline in the next couple of weeks.
Turning to the economic side, the story was better. Job growth remained strong, with more than 7 million jobs regained in May and June. Consumer confidence saw significant improvement, which drove much better spending. We also saw sharply improving confidence on the business side, which should help investment going forward. So, how did the markets react to this mixed bag of medical and economic news? Watch my latest video to learn more.