Stocks were rebounding Monday following a steep sell-off into the weekend on Friday.
Texas rolled back some reopening plans as coronavirus cases have surged and hospitalizations have soared, about two months after allowing businesses to reopen.
“As I said from the start, if the positivity rate rose above 10%, the state of Texas would take further action to mitigate the spread of COVID-19,” Texas Gov. Greg Abbott said. “At this time, it is clear that the rise in cases is largely driven by certain types of activities, including Texans congregating in bars."
Bars in Texas were ordered to close by noon Friday. And restaurants will be required to operate at 50% capacity starting Monday. This move came less than 24 hours after Abbott ordered a pause on reopening phases in Texas.
And Florida Gov. Ron DeSantis ordered bars to close in his state after indicating that he would not move the state into its next phase of reopening.
Then California Governor Gavin Newsom has required that bars are closed in seven counties, including Los Angeles, and the state has recommended they be closed in eight others.
In the video above, Jim Cramer breaks down the simple step he thinks President Trump needs to make.
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