May 27, 2020 11:58 AM RSS

U.S. Pandemic Death Toll Along with Stock Market Escalates

  • Wall Street Rebel | James DiGeorgia
  • 05/18/2020 12:44 PM
U.S. Pandemic Death Toll Along with Stock Market Escalates

The pandemic death toll is on track to reach 100,000 by the end of the month. Most experts believe we will see at this rate over 350,000 dead by November 3, 2020, Election Day.


United States COVID-19 Coronavirus May 17, 2020

www.worldometers.info/coronavirus

 

Total Coronavirus Cases:

1,529,144

Active Cases:

1,091,759

Closed Cases:

437,385

Deaths:

90,996

Recovered:

346,389







The Dow Jones is soaring Monday over 800 points as news of more states reopening, the Federal Reserve pledging more support for the recovery, and biotech Moderna’s success with a potential coronavirus vaccine.


Alt: (Moderna Moderna, Inc. (MRNA)


Major benchmarks indexes are rallying on pure hope as more and more states and cities are reporting that they are reactivating public life.   

Investors, hopes for an economic revival will be aided by the potential for an effective COVID-19 vaccine are counterbalancing the dismal economic figures that underscore how badly the coronavirus pandemic has already damaged and will continue to damage the U.S. economy.

The latest alarming economic number to come in focus came in the news that April retail sales plunged at a startling rate of 16.4% — the worst ever monthly number. This horrible economic number initially weighed on Wall Street stocks on Friday. Still, by the end of Friday’s session, Wallstreet’s benchmarks indexes had reversed as investors bet on the gradual relaxation of stay-at-home orders that have suffocated the economy.

Also helping the financial markets today was a CBS  60 Minutes interview with Federal Reserve Chairman Jerome Powell in which he said the central bank can still do more to soften the economic blow of the coronavirus pandemic. Recovery is possible in the second half of the year. Jerome Powell was quoted in the interview…

“There’s a lot more we can do…. We’ve done what we can as we go. But I will say that we’re not out of ammunition by a long shot.”

We at Wall Street Rebel are cynics of the brisk rally underway that has carried stocks off March’s multi-year lows. We believe, like many analysts, that investors are way too optimistic, given that there’s neither an approved coronavirus treatment nor vaccine on the immediate horizon. The markets are not discounting the possibility that a vaccine may still be 12-18 months or even 3-5 years away. The higher the market indexes climb, the more risk of a sudden and precipitous nosedive. 


   Fed Chairman Powell's comments on economic outlook


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