New York City has entered Phase 1 of its reopening process after meeting seven health-related metrics. In Phase 1, construction jobs, manufacturing sites, and select retail stores—with curbside or in-store pickup—are allowed to operate. Retail stores that are reopening include clothing stores, florists, sporting goods, bookstores and more.
Approximately 400,000 people are returning to work on Monday, June 8, the first day of reopening.
To ease the transition, alternate side parking regulations are suspended through June 21.
More than 205,000 people in New York City have been infected with the coronavirus. There have been over 22,000 deaths.
If all goes well, next up is Phase 2, which allows most stores, offices, and hair salons to open.
Asked in an interview with TheStreet's Katherine Ross whether he thinks Phase 1 should signal a buying opportunity for investors, Jim Cramer said, “I think we have to see [New York City] get through Phase 1. Phase 1 is unclear. The big shopping section of New York is boarded up. Maybe that can change. But the protests are real, and I don’t know if anyone wants to take a shot—take a chance. And I support the protests,” said Cramer.
“I just think Phase 1 is not the phase you want to start your business in," he added.
Watch More of the Latest Videos from TheStreet and Jim Cramer
- Coronavirus: The Latest Numbers on the COVID-19 Pandemic
- Broadcom Had Solid Earnings — 3 Top Performing Cloud-Exposed Chip Stocks, 2020
- Nikola Founder on Tesla's Elon Musk: Competition 'Brings Good Results'
- Kitco News: ‘Gold Could Easily Move Past $2,000’ – TD Securities
- Jim Cramer on M&A: This Justice Department's Willing to 'Get Deals Done'