NY turns corner as COVID cases plummet to lowest since March

New York announced fewer than 50 new coronavirus cases on Wednesday for the first time in more than two months, marking a new positive milestone for the country’s largest cluster of cases as the global pandemic continues to extend its reach.

However, other states are seeing rising diagnoses, amplifying the concerns of public health officials that the virus could move through the country in waves. North Carolina, for example, is seeing a steady increase in daily cases, forcing the Republican National Convention slated for August to move out of Charlotte.

NC Gov. Roy Cooper told the RNC he could not guarantee a full auditorium — in line with President Donald Trump administration’s own social distancing guidelines — while the president and the RNC were demanding the opposite.

Meanwhile, California’s COVID-19 count remains stubbornly high, in spite of restrictive lockdowns expected to last through most of the summer.

The emerging

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U.S. student loan interest rates plummet amid coronavirus downturn

Federal student loan rates have fallen to the lowest on record, offering savings for new students borrowers as the coronavirus pandemic batters the economy and paralyzes the U.S. university system.

Amid the coronavirus outbreak and the economic downturn, interest rates on federal student loans taken out during the 2020-21 academic year will be 1.78 percentage points lower than the previous year — falling from 4.53% to 2.75%. 

Graduate students can now borrow at a rate of 4.3%, as compared to the old rate of 6.08%. Graduate and Parent PLUS loans are down from 7.08% to 5.3%. The rates are effective from July 1 to June 30 of 2021. 

“The rate decrease is hugely impactful and will save 2020-2021 federal loan borrowers hundreds to thousands of dollars over the life of their loans,” Andrew Pentis at Student Loan Hero told Yahoo Finance.

Student loan calculator from Cashay

The lower rates are

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Why the market doesn’t have to plummet further amid coronavirus

Over the near-term, it’s worth staying defensive in the stock market because it still needs time to repair the recent technical damage, but I wouldn’t get too negative. The coronavirus numbers will likely continue higher but that doesn’t mean the stock market has to go lower. In other words, the stock market is a discounting mechanism. It trades on what will happen 6-9 months from now.

The big question on everyone’s mind is “has the stock market already priced in the upcoming slowdown in the economy?” Of course no one knows for sure, but here are four reasons I remain positive on this market. 

Price Action

The number one factor I use to judge the health of the market is the price action of leading stocks. While many growth stocks still need time to build proper technical bases, I’m encouraged by the strength I’m seeing. Before this correction started, the

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Airlines scramble as coronavirus causes revenue to plummet

United Airlines (UAL) CEO Oscar Munoz and President Scott Kirby warned employees early Monday morning the new coronavirus is causing revenue to drop at dramatic levels.

“The bad news it that it’s getting worse,” they wrote in an email to United’s 100,000 employees. March is typically the airline’s busiest month of the year. But passenger load has fallen more than 1 million customers in just a few weeks, according to their email.

“We’re also currently projecting that revenue in March will be $1.5 billion lower than last March,” Munoz and Kirby said.

Airline stocks have taken a big hit during the COVID-19 crisis. United shares were down more than 17% in pre-market trading, Delta (DAL) was off almost 14% and American (AAL) was off over 17%.

“The airlines are in cash preservation mode, and we fully expect to see credit facilities extended and increased in the next week,” Cowen Equity

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Trump announces coronavirus travel ban on Europe, Dow futures plummet

If they haven’t already, investors now need to brace for their portfolio to be shell-shocked at the hands of the coronavirus.

A somewhat nervous-looking President Trump delivered shock and awe Wednesday night in a prime-time speech on action to combat the spreading virus. Trump announced a 30-day travel ban on Europe, which is sure to cause major disruption to Corporate America and consumers. The president also teased several financial relief efforts for those hurt by the coronavirus, including low interest loans for small businesses and a payroll tax cut.

The market couldn’t care less about the positive, locking in on a stumbling president and the aftershock of a European travel ban. Dow Jones Industrial futures crashed more than 1,100 points at 10:00 p.m. ET, after being down 300 points or so before Trump’s speech.

US President Donald Trump addresses the Nation from the Oval Office about the widening novel coronavirus

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