U.S. Dow Falls Again With News of Possible Second Coronavirus Peak
The Dow plummeted more than 1,800 points yesterday, rivaling numbers not seen since the peak of the pandemic in March. The drop in the Dow appears to yet again signal fears of another shutdown in the U.S. after two million Americans were reported to be infected with COVID-19. Half of all states are also now seeing a sudden and sharp climb in cases. While many have attributed the rise due to increased testing, that does not account for the startling growth of hospitalizations states are now also seeing. On top of all of this, joblessness continues to get worse as another 1.5 million Americans filed for first-time unemployment.
Treasury Secretary Steven Mnuchin said, “We can’t shut down the economy again. I think we’ve learned that if you shut down the economy, you’re going to create more damage, and not just economic damage.” He confirmed another trillion dollars will be pumped into the economy over the next month. However, many have been quick to point out our economic issues stemmed from a health crisis and could end when the health crisis is solved.