Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

Coronavirus records in Florida, Texas and California erode hopes of economic revival

Published 07/09/2020, 10:36 AM
Updated 07/09/2020, 05:41 PM
© Reuters. People line up outside Kentucky Career Center in Frankfort

By Lisa Shumaker and Howard Schneider

(Reuters) - Record-breaking coronavirus cases and deaths in several U.S. states are dimming hopes of economic recovery, with cellphone data showing shoppers are staying away from stores in areas where cases are rising the most.

In Arizona, Texas, Florida, Georgia and South Carolina, which were among the first states to reopen commerce in May, retail foot traffic now lags levels elsewhere, data firm Unacast said.

More than 60,000 new COVID-19 infections were reported on Wednesday, the greatest single-day tally of cases by any country since the virus emerged late last year in China. U.S. deaths rose by more than 900 for the second straight day.

Florida on Thursday announced nearly 9,000 new cases and 120 new coronavirus deaths, a record daily increase in lives lost. California and Texas, the most populous states, announced record increases in COVID deaths on Wednesday.

The surge is making some Americans hesitant to return to public spaces and patronize businesses despite President Donald Trump's efforts to downplay the risks.

Stephanie Porta, 41, a lifelong resident of Orlando, Florida, said only about half the people at her grocery store wore masks but that was an improvement from two weeks ago.

"They're trying to make everything seem normal, when it's not. People are dying, people are getting sick. It's insane," she said. "A lot of people are taking notice. But so many are being fed the message that everything is normal. If they're smart, they're scared."

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

Florida Governor Ron DeSantis called the rising cases a blip, downplayed the record increase in deaths and told residents not to be afraid.

"I know we've had a lot of different blips," DeSantis said. "We're now at a higher blip than where we were in May and the beginning of June."

Florida is one of the few states in the nation that does not make public the number of COVID patients currently in its hospitals. However, more than four dozen hospitals reported their intensive care units (ICUs) reached full capacity earlier this week, according to state data.

MORE JOB LOSSES

The increasing COVID cases weighed on the stock market with the Dow (DJI) and S&P 500 (SPX) ending down about 1% on investor worries the nation could face another lockdown to contain the surge. (N)

Governors in California, Florida and Texas have either ruled out ordering most businesses to close and residents to stay home or said it would be a last resort. So far closures have been limited to bars, beaches and a few other types of businesses.

In California, where the number of people hospitalized with COVID-19 has doubled over the past month, the 44-bed intensive care unit at Riverside University Health System east of Los Angeles is at capacity, so the hospital is expanding it.

"It's been very consistent every day in the last couple of weeks," Riverside emergency room physician Dr. Stephanie Loe said. Referring to a saying among doctors that a full moon brings droves of patients to the emergency room, she said, "Every day has been like a full moon."

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

As cases rise in 41 of the 50 U.S. states over the last two weeks, the nation's educators are debating how best to resume school in the fall.

Robert Redfield, director of the U.S. Centers for Disease Control and Prevention, said on Thursday that keeping schools closed would be a greater risk to children's health than reopening them, even amid the pandemic.

Redfield said the guidelines the CDC has given on operating schools during the pandemic are designed to facilitate their reopening, and he would be "disappointed" if they were used as a rationale to keep them closed.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.