Jim Cramer on New York City Reopening: Phase 1 'Is Unclear'
New York City is reopening, to a degree. Monday, June 8, the city enters phase one of the easing of coronavirus stay-at-home orders and around 400,000 people are expected to return to work in manufacturing, construction and retail jobs.
As the epicenter of the pandemic, NYC was under the most stringent restrictions, with the majority of the city shuttered for the past three months. The city has seen over 15,000 deaths tied to the coronavirus pandemic.
New York City was among the last to meet the standards required for phase one, with the majority of New York State already in Phase 2.
For the Phase 1 reopening, construction will resume with restrictions concerning capacity, hygiene and social distancing practices. Reopened retail will largely involved curbside and in-store pickup.
The day marks 100 days since the first COVID-19 case was confirmed in New York City and the beginning of a period marked by loss and personal sacrifice. "All New Yorkers should be proud. You got us to this day. It is a day to celebrate,” Mayor Bill de Blasio said Monday.
Markets also continue to rally, with the Nasdaq surpassing its all-time high early Monday. Should investors view the optimism surrounding the reopening as a reason to do a little buying?
Jim Cramer said Wall Street needs to see New York get through Phase 1 before rushing to any judgements, warning investors that the situation remains "unclear."