The coronavirus has infected 1.4 million Americans and killed more than 84,000 people in the U.S. Many states have opened or partially opened, while other states have postponed their reopening as stay-at-home orders and business restrictions are set to expire between this weekend.
Texas was one of the first states to open back up. This past Saturday they reported an increase of 1,800 new cases. In all fairness, we don’t know if this is the because of the reopening or more testing.
In New York, Gov. Andrew Cuomo said the stay-at-home order will remain in place until May 28, with the exception of a handful of areas around the state. In New York City, Mayor Bill de Blasio reiterated New York City beaches will not be open for swimming Memorial Day Weekend. However, people will be allowed to walk on the beach and enjoy it, as long as they preserve social distancing. For example, right across the Williamsburg Bridge where I grow up (in the red), it appears social distancing is being practiced in the parks.
Now, according to a former World Health Organisation chief, COVID-19 could burn out naturally before any vaccine is developed. But what's the risks if and before that happens.
After containing their outbreaks through measures from strict lockdowns to rapid testing regimes, the Asian economies that have seen some of the most success quelling the coronavirus -- Hong Kong, South Korea and China -- are now facing resurgences that underscore how it may be nearly impossible to eradicate it.
On the Chinese mainland, an outbreak of more than 20 new infections in northeastern China has forced authorities to impose movement restrictions in two cities reminiscent of the lockdown placed on Wuhan, the city where the deadly virus first emerged. Schools that had just re-opened to students were closed again in three Chinese cities with a total population of 13 million people.
Not far away from China’s fresh outbreak, South Korea has identified more than 100 new cases from several nightclubs frequented by gay customers. Health officials are trying to test more than 5,500 people who visited the clubs since late April, but some fear coming forward given the country’s lingering homophobia. The outbreak threatens to test a virus strategy that has gained praise around the world for containing the virus without strict lockdown measures or disruption.
Fed Powell was on 60 mins this evening and expressed the U.S. economy can recover from the recession in the second half of the year. But the caveat was if there is a 2nd wave of COVID-19 and suggested that a full recovery won't likely happen without a vaccine.
Dr. Anthony Fauci, says a second wave of coronavirus in the U.S. is inevitable. Robert Redfield, the director of the Centers for Disease Control and Prevention said on April 21 that the second wave of the novel coronavirus will likely coincide with flu season. That means the wave would hit this winter.
So, is it time to buy the dip, you tell me?
This post is my personal opinion. I’m not a financial advisor, this isn't financial advise. Do your own research before making investment decisions.