How the Rich are Getting Richer During COVID-19 & Markets Close The Week Mixed - Daily Financial News & Insights for Friday, June 19, 2020 - Juneteenth Edition - a podcast by Call Put Strike - Financial News & Insights

from 2020-06-19T21:39:25

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Beyond Meat Grows & Ford Goes Back To Work While Apple Closes Stores Due To COVID-19 Threats – Daily Financial News Summary for Friday, June 19, 2020

Two of the major indexes decreased Friday, marking an end to the trading week. The Dow Jones was down by 0.8%, and the S&P 500 by 0.57%. The NASDAQ rose by 0.03%.

Apple announced today that the company would be temporarily shutting stores again in certain US states, beginning June 20. It would be focusing on states that have had a significant spike in Covid19 cases, including Florida and Arizona. Apple’s stock fell by 0.87%.

Jerome Powell of the Federal Reserve spoke on Friday about the ‘Juneteenth’ holiday, which represents the end of slavery in the United States. He described the inequality between the rich and the poor, and how the pandemic has escalated these disproportions.

Arizona and Florida continue to report new coronavirus cases. There were 3,246 new cases in Arizona on Friday, which is a new single-day high. In addition to this, there were 3,822 new cases in Florida, which is also a new single-day high.

How the Rich are Getting Richer During COVID-19

Between mid-March and mid-May 2020, during the duration of the global pandemic lockdown, the United States billionaires saw their fortunes increase by a collective $434 billion, or 15%.

Why The Rich Are Getting Richer During COVID-19?

The simple reason is that the coronavirus pandemic resulted in the large technology companies benefiting the most. This is because Americans were under lockdown and had to do everything from home. Working at home became the new normal, and shopping online took a drastic incline. This included shopping for everything, including clothes, food, medicine, pet supplies, and sources of entertainment. The owners of these technology companies are already highly successful, so the pandemic just ended up resulting in their companies getting more business.

Who has Benefited?

Jeff Bezos of Amazon had the largest gain of $34.6 billion, and Mark Zuckerberg of Facebook increased in value by $25 billion. Currently, the GDP of Jeff Bezos is larger than the entire GDP of Honduras. Amazon’s stock has soared by over 30% since the beginning of this year. However, Amazon is currently facing flack because it is said that the company is not doing enough to protect its 400,000 warehouse employees and not enforcing social distancing well enough.

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