As the Covid-19 pandemic continues to spread in the United States, a record single-day number of more than 1,800 fatalities has been reported on Tuesday. It brings the total number of deaths in the country to nearly 13,000.
Boom Bust talks to Todd Horwitz of Bubba Trading about the current situation in the country and the recent stock market rally.
“US is by far the best equipped country,” he says, adding: “We were in reasonable growth, although we were in the early stage of a recession.”
According to Horwitz, US still has “the greatest opportunity to grow, and we are going to come out of this just fine. And when it’s all said and done, we’ll get back on pays.”
The recession, which the nation has to deal with, has been accelerated by the coronavirus, he says. “The stimulus is not going to stimulate the economy but it is going to keep people off the unemployment rolls, so they can borrow the money. It will continue to keep grocery stores and Amazon, companies like that, selling goods.”
Horwitz adds: “It’s ugly, it’s a bad situation, it will get better. We are by far the best equipped to move forward once it’s over.”
Talking about the rebuilding of the economy after the pandemic stops, the strategist said: “We will grow quickly and strong companies will survive and make a lot of money.” However, it will take some time, he notes, till particular sectors, like entertainment, come back to normal.
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