With Texas setting a one-day high for new coronavirus cases on Wednesday at 6,584 Governor Greg Abbott reversed a pledge that that going “backward” and closing down businesses was “the last thing we want to do.” Effective today bars must close (although they can remain open fr takeout), and restaurants, which had been operating at 75 percent capacity must reduce capacity to 50 percent. The percent of positive tests in Texas exceeded 10%, a benchmark that Abbott had previously set as a warning sign of a more urgent crisis.
Florida reported more than 8,900 new coronavirus cases, pushing its total past 120,000. The Florida health department reported that 13.1% of test results came back positive, compared to 8.9% on Wednesday. The state’s Department of Business and Professional Regulation announced on Friday morning that on-premises alcohol consumption would be suspended at bars, effective immediately. (Disney (DIS) has announced that it will delay the re-opening of its California Disneyland park but will go ahead with its re-opening of its Florida park on schedule with the re-opening of Downtown Disney District set for July 9.)
Test results in Arizona are even worse with positive results in 23% of tests conducted over the past seven days.
Adding to the coronavirus economic jitters this morning, the number of homeowners delaying their mortgage payments shot up by 79,000 in the past week. The number of delayed payment plans had declined for three consecutive weeks. The reversal brings the number of mortgages in
The financial markets have found signs that the economic re-opening may be faltering unsettling this morning. As of noon New York time, the Standard & Poor’s 500 was down 1.72% and the Dow Jones Industrial Average was lower by 2.20%. The NASDAQ Composite fell 1.54% and the Russell 2000 small cap index dropped 1.79%. The iShares MSCI Emerging Markets ETF declined 1.09%.