This article originally appeared on Fox Business on March 2, 2020.
It was a bad week on Wall Street last week. In fact, one of the worst ever.
Already on edge from months of “market correction” predictions (always when, never if) – and the growing threat of a presidential candidate literally from the Socialist wing of the Democratic Party – the market was finally driven over the edge as the coronavirus spread threatening global economic growth.
But, what about this week? If Monday’s markets are any guide this week will be a whole lot better than last week.
The coronavirus (COVID-19) outbreak is undoubtedly a significant pathogenic threat, a public health crisis and it will almost certainly be declared a pandemic in the coming weeks. It is a terrible disease and we need to take it very seriously. But that doesn’t mean we should ignore positive signs. I’m not a coronavirus expert, but here’s what I’m seeing.
Starbucks and Apple are reopening stores in China as the weekly number of new coronavirus cases declines. Neither company would be reopening its stores without serious consideration of the risks. These re-openings tend to validate Beijing’s claim that China is seeing a decline in the number of new coronavirus cases and appears to be getting the spread of the virus within its borders under control. It is now offering its assistance to Italy and Iran.
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