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The past seven weeks have been unprecedented for both Wall Street and Main Street.
The coronavirus disease 2019 (COVID-19) has, of this past Wednesday, April 8, been confirmed in 1.5 million people worldwide, and has led to almost 88,000 deaths. With more than 1 in 4 cases originating in the United States, we've witnessed most states order the closure of nonessential businesses and issue stay-at-home mandates for their residents.
While this a necessary move to lessen the loss of life and slow the transmission of COVID-19, these disease-mitigation factors are exacting a massive toll on American workers' pocketbooks. In two weeks, approximately 10 million Americans have filed for unemployment benefits, shattering the previous two-week record of 1.4 million jobless claims, dating back many decades. And, in the process, these uncertainties wound up pushing the equities into bear market territory at the fastest pace on record.
Source Fool.com
