President Trump says that the coronavirus task force would continue “indefinitely.”
That was sharp contrast from previous statements that suggested that the task force would shut down at the end of May.
Trump says the group will refocus on new priorities including “safety and opening up our country again.” He went on to say that the task force group would focus on vaccines and therapeutics.
The country faces potential risks as the economy re-opens.
New estimates from the White House suggest that deaths could rise to 3,000 per day. Meanwhile, the CDC projects that total deaths will rise above 134,000 in the U.S.
As the task force continues, the president and state governors are working to balance the outbreak with the desire to re-open the U.S. economy.
The Big News…
Uber Cuts 14% of Jobs
Uber is slashing 3,700 jobs or 14% of its workforce. That follows a 17% cut in headcount at Lyft. The company plans further job cuts within the next few weeks.
General Motors Turns a Profit
GM is Detroit’s only automaker expects to turn a profit in the first quarter of 2020. The company has overall sales dropped 7%. The results contrast with a $2 billion quarterly loss at Ford. GM ended the quarter with over $33 billion in cash.
European Union Economy Shrinks by 7.4% in 2020
The European Commission now estimates that the EU economy will shrink by 7.4% in 2020. That’s a steep drop from previous estimates calling for a 1.2% expansion this year. During the Great Recession, the economy declined by 4.5%.
New $1 Trillion Stimulus
Republicans on Capitol Hill are starting work on another stimulus bill. This one is expected to top $1 trillion and include huge spending on infrastructure projects including 5G. Go here for the top All-American 5G stocks to BUY NOW.
The Coronavirus Numbers
Here are the numbers from Wednesday at 11:45 a.m. ET.
- 3,760,125 Infected worldwide
- 259,855 Deaths
- 1,241,102 Infected in the U.S.
- 72,695 Deaths in the U.S.
Stocks were mixed on Wednesday.
The markets initially rose on continued hopes and optimism surrounding America’s re-opening. Rising oil prices in recent days have also boosted oil stocks and given confidence in a prompt recovery.
However, concerns regarding the bleak unemployment picture looms large. A report from payroll data firm ADP showed 20.2 million jobs lost. Plus, the market is bracing for Friday’s employment report from the Department of Labor.
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