Timely & Relevant News: Keeping You Up to Date
As of Wednesday morning, there are 195,892 confirmed COVID-19 cases in 153 countries/regions, including more than 6,000 in the U.S. COVID-19 has now been reported in all 50 states. These numbers are changing hourly as more test results are reported.
The European Union is sealing its borders for 30 days, with all non-EU nationals banned from visiting the bloc. There are exemptions for long-term residents, family members of EU nationals, diplomats, healthcare workers and people transporting goods. Most individual countries, such as Italy, have already closed their borders.
US stocks opened lower on Wednesday morning after big gains on Tuesday. Stocks are trying to stay above the lowest level last seen in December 2018. This is called a technical support level.
We don't know when this bear market will end but we can look back at other bear markets for trends. Since 1950, it has taken an average bear market 20 months to recover their previous peak. There are many variables involved including, most importantly, what is causing the bear market.
A stimulus plan is coming from Washington D.C. This package could include as much as $250 billion in emergency loans for small businesses and $50 billion just for airlines.
According to LPL research, "States have been issuing sweeping orders to encourage social distancing, taking measures to close restaurants, gyms, retail stores and other places that people gather. No state has taken steps to issue a shelter in place, although certain counties have." State wide shelter in place may be coming as the number of cases rise.
At Covenant Wealth Strategies, we have been making every effort to protect the well being of our clients and our employees. As such, we have made the difficult but necessary decision to cancel all events for the month of March.
Additionally, if you had an in-person strategy session scheduled, you may have heard or will hear from our Executive Assistant, Shelly Santoro, offering you a phone conference call instead. To protect the health of our employees and clients, all in-person meetings have been switched to a phone conference or postponed for a later date.
Our team is here for you during this difficult time and we are working to provide the proactive concierge service that you rely on.
If you have any specific questions, hesitations or would like to discuss your own investment strategy or financial planning needs, we welcome you to call us at 302.234.5655 or email us at firstname.lastname@example.org to set up time to discuss further.
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