Economy New York may be near the top, markets open...

New York may be near the top, markets open the week higher

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Seemingly hopeful news came from New York on Monday that could near the climax of the novel coronavirus crisis as markets opened higher to start a week when other metropolitan areas could rise in cases and deaths.

Worldwide, coronavirus cases rose to over 1.3 million, with more than 70,000 deaths reported from COVID-19, the disease caused by the new coronavirus. Around 350,000 cases with more than 10,000 deaths have been reported in the United States – a new milestone for the country.

According to Governor Andrew Cuomo, the state of New York registered a total of more than 130,000 cases and more than 4,700 deaths on Monday.

Cuomo said the state is likely to hit a sustained plateau, with daily deaths remaining essentially unchanged for two days, rising from 599 on Sunday to 594 on Monday. However, this does not mean that the restrictions will soon be lifted.

Nurse Amy OSullivan is walking outside New York’s Wyckoff Hospital in the Brooklyn neighborhood on April 6, 2020. (Photo by Bryan R. Smith / AFP) (Photo by BRYAN R. SMITH / AFP via Getty Images)

“Plateau or no plateau, we have to extend this New York break. We must continue to distance ourselves socially … by April 29, ”said Cuomo.

“I know what it means for the economy, but as I said from day one, I’m not going to choose between public health and economy.”

He warned against following the clues from Hong Kong and South Korea, which he suggested too early for loose restrictions and could possibly see a second wave.

“Now is not the time to be careless,” said Cuomo, quoting photos of parks full of weekend activities.

Coronavirus cases are still on the rise. (Graphic: David Foster / Yahoo Finance)Coronavirus cases are still on the rise. (Graphic: David Foster / Yahoo Finance)

Coronavirus cases are still on the rise. (Graphic: David Foster / Yahoo Finance)

At the weekend, US surgeon’s director-general Jerome Adams said the country should prepare for “our Pearl Harbor moment” and stressed the message from the White House Coronavirus Task Force that this week will be in major cities such as Chicago, Detroit and Louisiana saw an increase.

On Friday, the Centers for Disease Control and Prevention published guidelines that recommend that Americans wear fabric facewear when they need to go public – and include methods of how they can be made at home.

At a recent meeting of the White House Task Force, Dr. Deborah Birx that wearing masks in public should not give people a “false sense of security” and should instead be seen as a supplement to guidelines for social distancing.

Markets

Markets were largely green on Monday as more promising news about the virus emerged. Spain and Italy have slowed down, giving hope to the US, which has already seen a decline on the west coast.

Coronavirus cases are still on the rise. (Graphic: David Foster / Yahoo Finance)Coronavirus cases are still on the rise. (Graphic: David Foster / Yahoo Finance)

Coronavirus cases are still on the rise. (Graphic: David Foster / Yahoo Finance)

Morgan Stanley analysts, including Michael J. Wilson, said in a statement on Monday that the outlook for 2020 remains worrying. A drop in profits of up to 20% is expected and the redemptions of the guidelines increase. However, a separate note from Morgan Stanley said the stimulus package might be overstated.

“There are literally no governors for the level of monetary or fiscal incentives used in this struggle. As evidence, our economists are now estimating a US budget deficit of 18% this year, a level that was last seen during World War II, ”said Morgan Stanley Wilson’s separate Monday announcement.

“While the fight against COVID-19 is a war, the amount of money thrown at this enemy can be excessive as this conflict will be shorter and the outcome will be safer – we will win.”

Further hopeful news came on Monday from the pharmaceutical sector, where a third Inovio vaccine candidate (INO) was selected and clinical trials are starting.

Earlier, Moderna (MRNA) and Johnson & Johnson (JNJ) announced both candidates, with Moderna being the first to achieve clinical trials. Inovio and Moderna were both funded by CEPI, a European non-profit organization, and the Bill & Melinda Gates Foundation.

The three main indices rose about 5% every Monday.

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