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From $61.06 a barrel as of 12/31 /19, the price of U.S. oil collapsed to just $20.09 a barrel as of last Monday 3/30/20, a staggering 67% decline in just three months. A dispute between the world's# 2 (Saudi Arabia) and# 3 (Russia) oil producers led to a global glut of oil just as the coronavirus was bringing the worldwide economy to a standstill, resulting in plummeting oil prices.
The "Coronavirus Aid, Relief and Economic Security" (CARES) Act, the largest bailout in U.S. history, was signed into law by President Trump on Friday afternoon (3/27/2020). The stimulus package is estimated to include $2.3 trillion of government spending directed at families, hospitals, states, plus businesses small (less than 500 workers) and large (at least 500 workers).
Shore Hospital needs surgical hats/beanies. They can accept homemade ones….or purchased ones. Interested people can call 609-653-3882 and leave a message. Someone will call them back right away...
The numbers are exploding. As of a week ago on Sunday afternoon (3/15/20), more than 150,000 people globally were confirmed to be infected with the COVID-19 virus, separate from the almost 6,000 worldwide deaths. By late Sunday afternoon (3/22/20), there were 330,000 confirmed cases globally, with 14,000 deaths, i.e., both numbers had more than doubled in just one week.
The Cape May County Freeholder Board had a Special Meeting on Sunday to discuss what to do within the County regarding the impact of the COVID-19 outbreak. Some new changes include the Cape May County Park and Zoo and all the Cape May County Libraries Branches are closed to the public beginning on March 17. Also, Fare Free Transportation will only provide medical trips for dialysis, chemotherapy, radiation therapy and infusion therapy (life-saving treatments). They will also provide in-county shopping. The only out of county trips will be for Northfield Dialysis. All non-essential trips have been cancelled i.e. hair appointments, library, visitation, etc. This service reduction will go into effect Tuesday and remain until further notice. The Cape May County Freeholder Board also supports the decision by Gov. Phil Murphy to restrict bars and restaurants to take-out and delivery services only during daytime hours. The Board of Chosen Freeholders along with Cape May County Health Officer, Kevin Thomas, highly recommend that all businesses limit employee and public interaction by restricting the number of customers to no more than 10 at a time. Social distancing measures will help minimize the potential spread of the coronavirus in the community. Cape May County government business will also be doing its part to limit social interaction by continuing to restrict travel for county employees, limiting interaction with the public for employees, when it’s possible, by pushing for teleconferences or online communications...
It was an unexpected bull market that began just over 11 years ago on the heels of a brutal 17-month, 57% decline in the S&P 500 index. Premature calls for the bull's demise became routine throughout 14 drops of at least 5% during the 11-year run, including six declines of at least 10% and three falls of at least 15%.
Ocean City Baseball Clinic for This Sunday Has Been Cancelled...
The yield on the U.S. 10-year Treasury note fell to 0.709% at the close of trading last Friday 3/06/20, the lowest yield ever on the 10-year note and the 9th consecutive trading day that has ended in a record-low yield close. Until this incredible “flight to safety” by investors began on 2/25/20, the record low yield for the 10-year Treasury note was 1.36%, set on 7/08/16. But as fears connected to the spread of the coronavirus have escalated, equity investors have become bond buyers, sending debt prices soaring and yields tumbling (source: Treasury Department).