With America partially open during the COVID-19 pandemic, the stock market indicates that the economy is looking towards a brighter tomorrow.
All 50 states of the U.S. are now partially open. Delaware, Kentucky, and New Jersey eased limits, making Connecticut the last state to begin reopening from coronavirus lockdown.
The stock market is showing positive signs. The Dow Jones Industrial Average gained 369 points and Facebook hit a record high during the COVID-19 pandemic. CVS Health will be returning $43 million which was distributed to CVS automatically through the CARES Act Provider Relief Fund by Health and Human Services.
Fundstrat local Advisers managing partner, Tom Lee, discusses Federal Reserve Chairman Jerome Powell's advice to Congress to create policies to keep working families solvent.
"Fed can't stop the disease from spreading. That's the metric Chairman Powell is following. He can't write checks to America which is where the suffering takes place," Tom Lee criticized Powell's attempt in a statement.
Tom Lee expresses his belief in that the Federal Reserve is in charge of the money supply and not what the treasury does or what the government does in sending off checks to keep families capable of paying off their debt.
The current stock market is interpreted by Tom Lee in a statement, "I think the stock market's message is really saying, 'As long as credit's functioning, and as long as too much damage isn't being done during the shutdown period, the stock market is kind of telling us that there's a pretty vigorous recovery."
Tom Lee expressed his optimism in a statement, "The stock market doesn't have to collapse the way the economy collapsed," and concluded with "The stock market isn't about rich people getting richer. It's really telling us that the future isn't really that negative."
Although the economy may seem very debilitated as of now due to the national lockdown, the stock market is showing us signs of resilience and is believed to bring a brighter tomorrow for our economy.