Despite Losses On Thursday, Dow Bounces Back In A Huge Way; Here Are The Details
(Tea Party 247) – The Dow Jones Industrial Average, which has been on a roller coaster ever since the beginning of the coronavirus pandemic started and the lockdowns began, took a rather hard hit on Thursday, but managed to bounce back on Friday with a gain of 700 points.
Economic woes have been the top concern for a lot of folks who have been out of work over the last several months due to states doing shutdowns to slow the spread of the coronavirus and enable communities to protect those most vulnerable to the illness, while also keeping hospitals from being overwhelmed.
Fortunately, many states across the country have started to implement plans to reopen everything, allowing individuals to start getting back to work and putting food on the table for their families.
Here’s more on this from Just The News:
The Dow Jones Industrial Average gained 700 points Friday morning, recovering from some of the 1,800-point selloff the previous day – amid investor concerns about a prolonged coronavirus pandemic on the economy. The S&P 500 rose 2.3%.
Thursday’s stocks decline, the worst since March, was led by the travel and hospitality sectors, which regained some ground Friday, as fear of a second wave of the virus seemed to perhaps dissipated. While major airline and cruise ship companies all added close to 10%, they will close the week down.
Treasury Secretary Steven Mnuchin on Thursday expressed doubt that rising case numbers would lead to further business closures.
“We can’t shut down the economy again,” he told CNBC.
At this point, a second shutdown would all but destroy the American economy and lead to a massive collapse. You think you’re seeing chaos now with all of these race riots going on? Wait until people can’t find food to eat. Things will go real bad, real quick.
This is why it’s imperative that even with an uptick in cases, we stay vigilant and remain on the current path, finding alternative solutions to dealing with the illness that do not involve going on yet another lockdown.
We also need to think about more than just the economic consequences of a lockdown. We need to consider the negative impact this has on mental health as well. Humans are communal creatures. We need to have human contact. Separating again is just not healthy for our mental state.
Still, despite seeing some of this good news, there are a lot of Americans today who have had their jobs permanently destroyed by the measures taken to stop this virus in its tracks. Many companies had to shutter their doors permanently, which means a complete loss of income and career. That’s devastating from an economic standpoint, but even more so mentally speaking.
Imagine pouring your life into your business, only to have it crushed in the blink of an eye thanks to a virus from a foreign country? That’s a hard pill to swallow.
Here’s to hoping another shutdown is avoided and continued success is enjoyed throughout the reopening phase.