The US coronavirus spread continues, but Biden can do little to prepare


According to data compiled by Johns Hopkins University, the US coronavirus death toll is now at 250,029, representing a higher death toll than any other country in the world, and the markets are paying close attention. 

World-wide, more than 56 million people have been infected and more than 1.3 million have died, according to Johns Hopkins data.

No matter the vaccine news, the US stock market drop heavily in the final stages of the session on Wednesday.

The Dow Jones Industrial Average fell 344.93 points, or 1.16%, to 29,438.42, the S&P 500 lost 41.74 points, or 1.16%, to 3,567.79 and the Nasdaq Composite dropped 97.74 points, or 0.82%, to 11,801.60.

The death toll has quickly accelerated in recent days amid a national surge in new cases. The figures from Johns Hopkins indicate 1,707 Americans died of the virus yesterday alone. The number of deaths has remained above 1,000 a day for eight of the past nine days, according to a seven-day average of data compiled by Johns Hopkins University.

New confirmed cases have gone from 40,000 a day to 150,000 over the course of six weeks, and daily deaths have steadily increased over the same period.

What investors fear most, however, is a national lockdown under a far more active Joe Biden.

Already, a number of states have introduced stricter guidelines in recent weeks to try to mitigate the spread of the virus.

New York mayor Bill de Blasio has said that the public schools will be closed starting today because the city’s seven-day average positivity rate has reached 3%.

New York had set a 3% seven-day average positivity rate for Covid-19 tests as the threshold for stopping in-person instruction in the nation’s largest school district.

Meanwhile, Joe Biden has stated that the delays to his presidential transition are hampering his ability to prepare to fight the pandemic. “I am optimistic but we should be further along,” he said.

The General Services Administration still has not issued a technical designation allowing him to access key resources.

Politics is getting in the way as the incumbent president is still not conceding fully.

Biden said his advisers didn’t even have details on the depth of the stockpiles of vaccines or the specific plan for the distribution of the vaccine to 300 million Americans.

“There are a whole lot of things we just don’t have available to us. Unless it is made available soon, we’re going to be behind by weeks or months,” Biden warned.

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news

How do emotions affect trade?
Follow up our daily analysts guidance

Subscribe Today!    

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD: Fears will continue to support the dollar

The EUR/USD pair has lost some ground this week, trading in the 1.1700 price zone. Central banks are cautiously moving toward trimming their massive stimulus programs. Growth-related data suggests a steeper deceleration of economic progress.

EUR/USD News

GBP/USD: Rate laurels go the the US Federal Reserve

BOE leaves rates, asset purchases unchanged, warns on inflation. Federal Reserve and Chair Powell set the stage for bond taper. US Treasury rates move sharply higher after the FOMC meeting. GBP/USD drops below 1.3700 in Friday trading.

GBP/USD News

Gold remains vulnerable amid hawkish Fed outlook

Following the previous week’s decline, gold staged a rebound and closed in the positive territory on Monday and Tuesday. After reaching its strongest level since last Thursday’s sharp decline at $1,787 on Wednesday.

Gold News

PBoC imposes ban on crypto trading as it fosters ‘illegal financial activity’

PBoC bans crypto trading activities and a plethora of associated services, labeling it “illegal.” Overseas cryptocurrency exchanges providing services to Chinese residents will be investigated in accordance with the law. 

Read more

What's next?

As Q3 winds down and Q4 begins, the broad investment climate is being shaped by the turning of the monetary cycle.  Norway was the first, and New Zealand will be next.  It is not so much that these moves will force others to do the same.

Read more

Forex MAJORS

Cryptocurrencies

Signatures