They Are Telling Us That The 2nd Wave Of The Coronavirus Is Here, And The Stock Market Is Totally Freaking Out
Are you ready for the next wave of COVID-19? Actually, the mainstream media is telling us that it is already here, and that has sparked another round of fear and panic on Wall Street. But the fact that the number of confirmed cases is rising again should not surprise anyone. As restrictions were lifted, it was inevitable that the virus would begin spreading more rapidly, and that is precisely what we have witnessed. During the 24 hour period that just ended, there were more than 136,000 new cases reported around the globe, and that is the highest one day total that I have seen so far. Here in the United States, there were 23,300 newly confirmed cases, and that represented an increase of over 2,000 from the previous 24 hour period. Concern that this could be the dreaded “second wave” that the mainstream media keeps talking about pushed stock prices dramatically lower on Thursday…
Stocks suffered their biggest one-day pull-back in three months on Thursday as traders grew concerned about the number of coronavirus cases increasing in some states that are reopening up from lockdowns. Shares that have surged recently on hopes for a smooth reopening of the economy led the declines.
The Dow Jones Industrial Average plunged 1,861.82 points, or 6.9%, to close at 25,128.17. The S&P 500 slid 5.9% to 3,002.10 while the Nasdaq Composite dropped 5.3%. to end the day at 9,492.73.
Of course stock prices have risen so much over the past couple of months that a drop of that magnitude is not any sort of a major problem.
But stocks could drop even further as it becomes increasingly clear to investors that the U.S. economy is not going to be returning to “normal” any time soon.
In fact, if COVID-19 cases continue to spike that could motivate officials in some states to institute another wave of lockdowns.
Hopefully that will not happen, but things are starting to get a bit crazy out there.
Texas has become one of the new hotspots for the COVID-19 pandemic in the United States, and local hospitals are starting to fill up fast…