In recent weeks, the news centered around reopening the economy and the expectation a vaccine may come as soon as the end of this year. This week, those hopes were dashed by new reports indicating the number of confirmed COVID-19 cases may be on the rise in as many as twelve states and a statement from the head of the Federal Reserve, that an economic recovery will be a slow process with unemployment potentially remaining high for longer than previously thought. As in weeks prior where news drove the markets considerably higher, this week the news drove the markets lower. The bottom line is that despite our hopes for a quick recovery, we’re not out of the woods yet.
Bruce J. Mason, MBA