3386 is the number to watch for that s p 500 record close. 59 minutes until the close we have a big show coming up to day the s p 500 makes yet another run at that record close bob doll will tell us why he is expecting the economic recovery to be more choppy. And why hes cautious in the short term plus, gaming the impact of the dnc. Well speak with a policy expert who says this weeks Democratic National convention could be a negative for the market even though its happening virtually. Right now, were going to focus in on the big stories were watching to day. Bob pisani is tracking to days action we have the latest on growing tensions with china. And joining us with his outlook for stocks is tony dwyer bob, start us off with the Broader Market whats going on behind the scenes and whether you think we could see that record s p 500 close today. When you get this close within less than 1 he , you usuy can get over it. Were still not there. 3386 as you heard before is the old closing high t
The vaccine works and that its safe. You know, remember that if we do generate a vaccine it does show a protective immune response, were going to be administering it to millions, hundreds of millions, maybe billions of people, i think this is a good fist step. Theres still a number of big steps to go. Experts say our hopes for a return to normal life depend very much on the trials success. Dr. Anthony fauci tells associated press, no matter how you slice this, this is good news. Now to alameda county, even as its numbers climb, the board ten tdr activities. Abc7 News Reporter chris reyes explains why. We were very grateful for the approval process. It had been something we had hoped would be in place earlier, but we are so grateful the supervisors pass it had. Reporter in a unanimous vote, the board of supervisors agreed to provide a letter of iost of two sk f a nonvariance counties in the state, meaning their local officials did not have the power to advance their reopening plans beyo
It is in other parts of the state. As coronavirus cases rise and california reverses plans to reopen, its clear the bay area isnt out of the woods yet. How bad is it . The counties when you look at the entire bay area are not as bad as some of the worsthit conditions, not as bad as los angeles or imperial. Reporter take a lookat this graphic showing daily cases rising in the bay area. On july 10, there were 809 new cases, not including at san quentin. Now compare that to los angeles county. On july 10, they had 2,620 cases, more than three times the bay area. Still, cases and hospitalizations are surging in every bay area county. Even in San Francisco, which is one of the two bay area counties not on the states watch lift, the number of patients in the citys hospitals is nearly three times what it was at the lowest point a month ago. There is also new concern about the reproductive rate, the average number of people that someone who has coronavirus will spread it to. Before the shelter
Enforce many. But also, we have, and ive mentioned this, and in prior public comments. We have conditioned 2. 5 billion in our state budget on applying the spirit and the letter of the law as it relates to Health Directives at the county level. If local officials are unwilling to enforce and are being dismissive of those orders, we will condition it. The governor held the briefing in pittsburgh. It is being used in project room key which supports people during the paem. More than 14,000 people have been placed in hotel rooms across the state. We can get people off the streets, out of encampments, out of homeless shelters, out of their cashes, win baggos or maybe their neighbors couch. We can give them a key and a lock in a place to call home and begin to support them and their opportunity to transfer back with more independence by providing support services. The state budget that was signed yesterday provides money for cities and counties to fully acquire rooms to house the homeless an
Unfortunately, over the last two or three weeks, things have gotten out of hand. I think we let our guard down. Reporter dr. Robert says the period after memorial day weekend was a turning point in that socalled california miracle. These are the charts that worry him. Abc7 news analyzed the numbers and found that six cabrera counties saw a spike in covid19 hospitalizations between may 22nd and june 29th. In the case of marin county, the hospitalization rate went from 1. 15 . In San Francisco, 4. 94 to 7 . If we continue to see some of the surges were seeing, there is no good reason to think we wont be packed with Covid Patients within two, three, four weeks. Reporter here are more troubling numbers. Total covid19 cases in the bay area on june 29th, almost 24,000. Thats a 74 increase from may 29th when we were at just over 13,000. At ucsf, there are currently 20 in patients. 11 are in icu. We are double where we were two or three weeks ago. Overnight, there were a bunch of people admitt