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Thursday, March 28, 2024

Stocks Slammed As NYC Closes Schools Again On Soaring COVID-19 Cases

Courtesy of ZeroHedge View original post here.

Update (1430ET): Vaccine or not, it appears the market did not like Cuomo's decision to shut down the nation's largest school district… because "cases"…

Oil prices also slumped as the headline hit…

Closing schools makes other more restrictions more likely; Mayor de Blasio has said recently that he would like to "reassess" indoor dining. Though the closures will be temporary, he cautioned that they won't come as soon as the positivity rate dips back below 3%.

*  *  *

Just as Gov Andrew Cuomo was patronizingly explaining to reporters during Wednesday's press briefing that NYC had not yet reached the 3% positivity-rate threshold to close schools, the NY Times reported that Chancellor Richard Carranza has warned principles in an email that schools will close once again starting Thursday.

JUST IN via @nytimes's @elizashapiro:

"[#NYC]’s entire public school system will shutter on Thursday, Chancellor Richard A. Carranza wrote in an email to school principals, in a worrisome signal that a second wave of the #coronavirus has arrived."https://t.co/SHBr45niSf

— Devon Heinen (@DevonHeinen) November 18, 2020

As we mentioned above, the news seemed to take Gov Cuomo by surprise. Read the full letter, published first by the NYT, below:

Mayor de Blasio minutes later confirmed that the 3% threshold had indeed been reached.

Stocks are sinking on the news, as investors presume that once NYC closes schools, the rest of America's biggest cities will soon follow suit (if they haven't already).

In its story about the closure, the NYT noted that the closures will disrupt the lives of the 300k NYC students who were attending the in-person classes. Virus transmission in the schools has remained surprisingly low, with the schools appearing to reflect, rather than accelerate, the spread of the virus within the community.

With stocks in the red, looks like the market needs another vaccine headline, stat.

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