With infections rapidly increasing in places like Brazil and India, a senior global health official warned that the global crisis was far from over.
The NYSE parquet in lower Manhattan opened for the first time in two months, but with Plexiglas barriers, masks and a reduced number of traders to respect the rules of social distancing of 6 feet. Those entering NYSE will have their temperatures taken and asked to avoid public transportation.
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New York Governor Andrew Cuomo, who presided over the state with the highest number of plague deaths, rang the bell to start the trade.
“They didn’t reopen like that,” he said during his daily briefing. “They reopened more intelligently. “
Stocks rebounded in morning trading, pushing the S&P 500 to its highest level in 2.5 months, on rising hopes of an economic recovery. The S&P 500 rose 2%, while the Dow Jones Industrial Average climbed more than 660 points, or 2.7%.
“These small steps that we are starting to see reopening different states, different authorized policies that weren’t authorized two weeks ago – these are all clear signals that we are going in the right direction,” said Jonathan Corpina, senior associate director at Meridian Equity Partners.
Coronavirus worldwide: May 24, 2020
Several thousand brokers and others occupied the NYSE trading room as recently as in the 1990s. But in the years that followed, the boom in electronic commerce from computer terminals grew to dominate action. Wall Street. These days, there are around 500 floor traders in the NYSE.
The rally took place as the government announced that consumer confidence in the United States had increased this month, showing signs of stabilization. Yet it remains close to a six-year low in the face of widespread business closings that plunged the economy into recession and brought unemployment to levels last seen during the Great Depression.
In recent days, car rental giant Hertz and South America’s largest airline, Latam, have filed for bankruptcy, joining J. Crew, J.C. Penney and Neiman Marcus.
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Worldwide, the virus has infected nearly 5.5 million people, killing more than 346,000 people, according to a count by Johns Hopkins University. Europe has registered around 170,000 deaths, while the United States approached 100,000 in less than four months, more than the number of Americans killed in Vietnam and in the Korean wars combined.
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The true death toll is said to be much higher, with experts claiming that many victims died of the virus without being tested.
Several months ago, Trump compared the coronavirus to the flu and dismissed fears that it could lead to as many deaths. Senior administration scientists have since warned that up to 240,000 people may die from the virus.
In hard-hit New York City, Cuomo said Tuesday a total of 73 day-long deaths, the lowest number in months, and down from a peak of nearly 800.
“In this absurd new reality, this is good news,” he said.
Still, even the GOP convention in August is on hold, with Republicans talking about withdrawing it from North Carolina due to concerns that authorities may not allow such a rally. Georgia and Florida – both headed by Republican governors – have offered to host the convention.
Coronavirus worldwide: May 23, 2020
In Italy, where the crisis is easing but the death toll is 33,000, the ancient ruins of Pompeii were reopened to the public on Tuesday, and the Colosseum in Rome, one of the largest tourist attractions in the world, will begin to receive visitors again in June 1, although entry times are staggered to reduce congestion and tickets must be purchased online.
The World Health Organization has said that the world remains mired only in the first stage of the pandemic, thereby dampening hopes for a rapid global economic rebound.
“For the moment, we are not in the second wave. We are in the middle of the first wave of the world, “said Dr Mike Ryan, Executive Director of WHO.
“We are still very much in a phase where the disease is on the rise,” said Ryan, pointing to South America, South Asia and other parts of the world.
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India, with a population of more than 1.3 billion, has experienced a single-day record jump in new cases for the seventh consecutive day. He reported 6,535 new infections on Tuesday, bringing his total to more than 145,000, including nearly 4,200 deaths.
Most Indian cases are concentrated in the western states of Maharashtra, which are home to the financial center of Mumbai and Gujarat. Infections also escalated in the east, as migrant workers trapped by blockades returned to their villages of origin from India’s largest cities.
In Brazil, where President Jair Bosonaro has raged against state and local leaders who impose home support measures, the WHO warned that before reopening the economy, authorities must have enough tests in place to control the spread of the virus.
Brazil has 375,000 coronavirus infections – second behind 1.6 million cases in the United States – and has had more than 23,000 deaths, but many fear that the true toll of Brazil will be much higher.
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Ryan said Brazil’s “intense” transmission rates mean he should maintain some home support measures, regardless of the damage to the economy.
“You have to keep doing everything you can,” he said.
A travel ban to the United States was to come into effect Tuesday for foreigners from Brazil.
In Europe, Russian Vladimir Putin has announced that the postponed military parade marking the 75th anniversary of the defeat of Nazi Germany in the Second World War will take place on June 24. Victory Day has become the most important holiday in Russia, traditionally celebrated on May 9 with a spectacle of armed power in Red Square.
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Putin said the country has passed the peak of the epidemic.
Russia on Tuesday reported a record peak of 174 one-day deaths, bringing the confirmed death toll to over 3,800. The number of coronavirus cases in Russia has exceeded 360,000, the third highest in the world, with nearly 9,000 new infections recorded.
The country’s relatively low death rate has raised questions among experts. Russian officials deny manipulating the figures and attribute the low figures to the effectiveness of the country’s blockages.
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© 2020 The Canadian Press