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Seattle was home to the first coronavirus case in the U.S.
The city quickly started encouraging people to work from home. Plus, city officials encouraged people over 60 years old to stay inside. This prompt response appears to be working.
Deaths in Washington state are not rising as quickly as other areas of the country.
The Institute of Disease Modeling has been monitoring the spread in Washington state. The group shows that the infection rate has been slowing.
In early March, the average infected person was spreading the virus to 2.7 additional people. Yet more recently that number has been cut by nearly half – to 1.4 infections.
Seattle’s fast response appears to be working.
This provides hope that similar measures in other states will deliver a similar result. In the coming weeks, we hope to see the growth rate in Covid-19 cases slow.
The greater Seattle area is home to some of the top tech companies – including Amazon (NASDAQ: AMZN) and Microsoft (NASDAQ: MSFT).
Microsoft founder Bill Gates is putting up millions to fund a new Covid-19 vaccine. In fact, he’s placing a big bet on one tiny biotech stock.
This tiny stock could surge 3,825% as it rushes through FDA trials.
The Big News…
Macy’s Furloughs 130,000 Employees
One of the nation’s biggest retailers is closing down. Macy’s will stop paying 130,000 employees – although they will keep their health benefits through May. This affects employees at Macy’s, Bloomingdale’s and Bluemercury brands. The company will suspect its dividend.
China Open for Business
After a two-month shutdown, China is open for business once again. All of the country’s major industrial companies are getting back to work. This is a sign that strict quarantine measures could help the U.S. economy get back to business within the next six to eight weeks.
U.S. Postal Service Might Close by June
The U.S. Postal Service (USPS) says it could have to close by June. The post office was already in dire shape – with $140 billion in unfunded liabilities. The coronavirus crisis means fewer things are being mailed. And that means the USPS could run out of funding in less than three months. The latest stimulus package failed to provide any funding for the USPS.
The Coronavirus Numbers
Here are the numbers from Tuesday morning at 11:20 ET.
- 809,308 Infected worldwide
- 39,566 Deaths
- 165,482 Infected in the U.S.
- 3,186 Deaths in the U.S.
How can we STOP the coronavirus? America needs this Covid-19 vaccine (go here for details).
Stocks are posting modest gains as of midday.
Yet today’s gains will cap off the worst three-month period for U.S. stocks since 2008.
Right now, investors are looking for signals that the market has bottomed.
The coronavirus crisis is unlike anything we’ve seen in over 100 years. So, it’s impossible to look back at history and get a true picture of how a global economic shutdown affects financial markets . . . and how quickly we’ll see a rebound in the stock market.
Uncertainty looms large at this point. It’s clear that we’re still in the very early stages of this health crisis. Things are not looking good in New York City. And an optimistic view from Washington suggests that the U.S. will “peak” in mid-April.
That would suggest that the economy may not return to some normalcy until mid-May or more likely June. This will likely continue to create significant stock market volatility in the coming weeks.
Ultimately, the U.S. must contain the spread of the coronavirus. Or, we need a medical solution such as a Covid-19 vaccine.
Biotech and pharmaceutical companies have been hated by investors.
Yet these companies may be the heroes of the coronavirus crisis. And they’re the ONLY stocks I’m buying today.
Yours in Health & Wealth,