Mirroring their response to initial reports about NYC’s latest round of school closures, stocks are sliding Thursday following comments from NYC Mayor Bill de Blasio that it’s “just a matter of time” before restaurants in the city are forced to close indoor dining once again. Except this time, they won’t be able to rely on outdoor seating to make up for some of the lost revenue. 

During his morning press briefing, Mayor de Blasio said indoor dining, gyms will likely close in “a matter of time,” possibly in the next week or two.

It’s just the latest sign that the US, unlike Europe, won’t hesitate to shutter schools once again as the holiday approaches. To be sure, there’s plenty of data showing schools aren’t major locuses of viral spread. In fact, among younger students, the rate of infection can be much less than that of the broader community, though there appears to be some sort of correlation to cases in schools vs. the broader community.

At this point, is de Blasio willing to shut down the rest of New York’s economy just to try and make it look like he’s not being dictated to by the teacher’s unions?

Even some liberals seem to think so.

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Meanwhile, as one reporter pointed out this morning, NYC is leading the country in terms of the level of service it provides to residents who test positive.

And with Nasdaq approaching HoD, the news has apparently slammed the brakes on the real-economy trade, and rotation into stay-at-home stocks is back.


Via Zerohedge