Here's the latest commentary from Commonwealth's Chief Investment Officer, Brad McMillan. We continue to monitor the markets and will keep you posted. As always, please call us if you have any questions.
Today, I'd like to discuss where we are in the coronavirus crisis and what that means for the economy and markets. We’ve seen significant progress in terms of the virus, with the daily case growth rate dropping below 4 percent for several days in a row. Further, the number of tests given has risen from about 150,000 to 300,000 per day. As we turn to the economy, the news is more of a mixed bag. Jobless claims are still very high, although this damage may have started to peak. Plus, with measures like the Paycheck Protection Program and stimulus checks, both individuals and businesses are getting some much-needed relief.
Given these signs of improvement, the market seems to be saying the economic recession won’t be as bad as was originally anticipated. But what does all this mean for reopening states and the economy?