Wall Street Rallies: FDA Approval & Worsening Covid Crisis
Wall Street opened strong on news that FDA has approved the Pfizer vaccine. The bad news. Florida doctors protest fatigue from the coronavirus surge. STAGE A WALK-OUT IN PROTEST!
It's excellent news that the FDA has approved the Pfizer vaccine, and we could see a rush of 5-10 million people who were vaccine-hesitant heads for their vaccinations. In a sick twist, Wall Street's major indexes are likely rallying not only because of the good news but the bad news.
In the S&P index, the rise is to a new record high comes as reports that the Delta variant of Covid-19 is swelling the numbers of infected and those hospitalized around the country towards new record levels. Many health experts are warning the rise in cases could surpass the highest hit last year.
Wall Street sees the complex numbers and is betting that the Federal Reserve will not raise interest rates through at least the end of this year. Wall Street is not realizing that corporate earnings could be dramatically impacted if the numbers of infections and deaths do not reach a peak in September as predicted by some health experts last month and continue to rise through the end of this year.
In addition, Wall Street is also completely ignoring the chances of Covid-19 mutating into an even deadlier variant than Delta, perhaps a variant that can overcome the current Covid-19 vaccines. With over 80 million people and tens of millions of kids less than 13 years of age who can't be vaccinated, the danger of a nightmarish Tsunami of hospitalizations now that schools all over the country are opening.
The danger is clear to many of the physicians caring for patients. Seventy-five physicians just staged a protest in Palm Beach by walking out to bring attention to the crushing Covid-19 surge in Florida, where 85 percent of the ICU beds in the state are now complete. They're protesting the number of unvaccinated people that are coming into their hospitals that are unvaccinated.
The New York Times reports that just as the physician walkout comes as COVID-19 continues to decimate the Gulf Coast, which has "relatively low rates of vaccination and often lax safety measures," Florida in particular now leads the nation daily average cases and hospitalizations.
CNN is reporting that in the week beginning August 14, at least five South Florida police officers died after contracting the virus.
Dr. J.T. Snarksi, one of Monday's protesting physicians, is quoted as saying…
"It's incredibly frustrating because we know vaccines are safe and effective, and it's people who go out and talk against them that really go against physicians and medicine and science. It's not the message we want to get across to people. Vaccines are safe, and we need to get our communities vaccinated."
South Florida Doctors Walk Out Monday In Protest