By Tomi Kilgore, MarketWatch , Jaimy Lee
New coronavirus cases continue to surge Monday, with the U.S. re-emerging as a global hot spot, while Wall Street continues to defy the dangers after President Donald Trump over the weekend played down the threat of COVID-19.
Trump’s signing of an extension of a federal program providing forgivable loans to small businesses hurt by the coronavirus helped to assuage some concerns over the increased case tally.
New confirmed cases of the coronavirus that cases COVID-19 rose to 2.91 million in the U.S., after record daily increases were seen over the holiday weekend, with death tolls climbing to 130,090, according to data aggregated by Johns Hopkins University . That implies a death rate of about 4.5%
Over the last 14 days, 38 states have seen COVID-19 cases increase, led by Idaho, Montana and Florida, while 11 states and Washington, D.C. have seen cases mostly the same and one state—New Hampshire—has seen cases decline, according to a New York Times tracker .
Miami-Dade County Mayor Carlos Gimenez said Monday that a new emergency order will shut down dining-in services at restaurants as well as party venues, gyms, and short-term rentals starting July 8 because of a spike in cornavirus cases there. Gimenez is keeping open hotel pools, summer camps, daycare centers, retailers, and personal care services as long as people practice social distancing. “Beaches will be open on Tuesday,” he said in a news release. “But if we see crowding and people not following the public health rules, I will be forced to close the beaches again.”
In a speech over the weekend commemorating the July 4th holiday, Trump claimed that 99% of cases were “totally harmless.” He also played down the rise in new cases, tweeting that it was the result of increased testing.
Food and Drug Administration Commissioner Stephen Hahn followed by speaking on a number of talks shows Sunday trying to emphasize the growing threat of COVID-19. When asked repeatedly on CNN for comment on Trump’s 99% claim, and whether it was “wrong,” Hahn responded by saying “we absolutely must take this seriously,” and that he wasn’t going to get into “who’s right and who’s wrong.”
On Monday, New York Gov. Andrew Cuomo joined the growing chorus critical of Trump’s comments, saying he is “facilitating” and “enabling” the virus by statements he made.
Meanwhile, Wall Street remained upbeat about the eventual recovery, with the Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA +0.17% surging more than 400 points, or 1.6%. The rally comes on the heels of better-than-expected June jobs data reported Thursday, and data out Monday showing the service sector of the U.S. economy has resumed expansion. See Market Snapshot.
Despite the improving data, Goldman Sachs cut its outlook for U.S.growth in 2020, saying the reintroduction of COVID-19 restrictions as a result of the surge in cases will weigh on consumer spending, as MarketWatch’s Barbara Kollmeyer reported.
“Over the last few weeks, the COVID situation in the U.S. has worsened significantly to the point where the U.S. is now a notable outlier among advanced economies,” wrote Jan Hatzius, Goldman’s chief economist, in a note to clients.
What may also be supporting Wall Street’s bullish mood, Regeneron Pharmaceuticals Inc. /zigman2/quotes/203149337/composite REGN -0.16% said it had begun a Phase 3 clinical trial testing an antibody cocktail to prevent COVID-19. The study will specifically focus on the cocktail’s efficacy preventing disease in 2,000 people who have been exposed to the virus by a close contact, such as a roommate.