So, how was this week?
Well, it was definitely jam-packed with news--from economic data to updates on the coronavirus.
So, what were some of the biggest takeaways?
Chris Versace, Real Money contributor, joined TheStreet to lay out what he thought of the week and some advice for investors.
Watch the video above for more.
Well, it's been quite a busy week between jobless claims, jobs, the coronavirus cases hitting over a million, and it's the first week of April. Joining me to break it all down is Chris Versace, Real Money Contributor. Chris, what was the one big takeaway that you had about this week?
It cuts across so many different areas, Katherine, the word I could use is pain and that's everything from the weekly jobless claims that spiked yet again, the March unemployment rate that was significantly higher sequentially, but also to the number of companies that are really starting to extend their closures. Everybody from Apple with their retail stores, to Ross stores, to just a whole number of companies that suggest the economic downturn that we're witnessing is going to be a little longer than we might have thought just a month ago.
Chris, do you have any advice for investors who are worried after this week?
Well, again, if you're an investor, I think that you tend to be longer term in nature. And I think when we take that approach, we realize that the pain that we're going through right now is probably going to be somewhere between, let's call it eight, 12, 15 weeks, something like that. And it's not to be dismissed by any stretch of the imagination, but we will see a lot of pent up demand coming out of this, whether it's for clothing or hospitality for restaurants, that sort of thing.
But I also think too, there's something else we need to think about, which is the degree to which people have adapted and shifted online. Shoe Carnival talking about how even though their stores are closed, their eCommerce business is up three fold. Also too, when you talk about businesses, it's the shift, the surprising shift, to using things like Microsoft (MSFT) Teams, Cisco's (CSCO) Webex or even Zoom (ZM) . I really start to think that we're going to see two things. One, a pronounced shift in cutting back travel expenses for businesses given the leveraging of this technology, but also two, we're going to need to really build out the infrastructure for broadband given the shift that we're seeing and what's likely to result.
Chris, thank you for taking the time to join us today. And of course, please head on over to thestreet.com for more on the coronavirus and the market.