The known U.S. death toll from the coronavirus pandemic is approaching 100,000, a statistic that exceeds the number of American deaths in the Korean and Vietnam wars combined.
The trading floor of the New York Stock Exchange reopened Tuesday in a largely symbolic step toward economic recovery, and stocks surged at the opening bell. But with infections mounting rapidly in places including Brazil and India, a top global health official warned the crisis around the world is far from over.
The rally took place as the government reported that U.S. consumer confidence inched up this month, showing signs of stabilizing.
Still, it remains near a six-year low in the face of the widespread business shutdowns that have sent the economy into recession and driven unemployment to levels last seen during the Great Depression.
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During the last few days, rental car giant Hertz and South America’s biggest airline, Latam, filed for bankruptcy, joining J. Crew, JCPenney and Neiman Marcus.
All 50 states have begun easing their stay-at-home restrictions and allowing businesses to open their doors again, even as some parts of the country see no dropoff in confirmed coronavirus cases.
Worldwide, the virus has infected nearly 5.5 million people, killing more than 346,000, according to a tally by Johns Hopkins University. Europe has recorded about 170,000 deaths, while the U.S. was approaching 100,000 over less than four months, more than the number of Americans killed in the Vietnam and Korean wars combined.
Several months ago, President Donald Trump likened the coronavirus to the flu and dismissed worries it could lead to so many deaths. The administration’s leading scientists have since warned that as many as 240,000 could perish from the virus.
Earlier this month, however, the president reversed course, admitting the U.S. could lose up to 100,000 to the coronavirus. Trump is also sticking to his assertion there will be a vaccine by year's end.
In hard-hit New York, Gov. Andrew Cuomo reported a one-day total Tuesday of 73 deaths, the lowest figure in months, and down from a peak of nearly 800.
“In this absurd new reality, that is good news,” he said.
In Italy, where the crisis is easing but the death toll is a staggering 33,000, the ancient ruins at Pompeii were reopened to the public Tuesday, and the Colosseum in Rome, one of the world’s biggest tourist attractions, will begin receiving visitors again June 1, though entrance times will be staggered to reduce crowding and tickets must be bought online.
Still, the World Health Organization said the world remains mired in only the first stage of the pandemic, putting a damper on hopes for a speedy global economic rebound.
“Right now, we’re not in the second wave. We’re right in the middle of the first wave globally,” said Dr. Mike Ryan, WHO’s executive director. “We’re still very much in a phase where the disease is actually on the way up.”
India, with a population of more than 1.3 billion, saw a record single-day jump in new cases for the seventh consecutive day. It reported 6,535 new infections Tuesday, raising its total to more than 145,000, including close to 4,200 deaths.
Most of India’s cases are concentrated in the western states of Maharashtra, home to the financial hub of Mumbai, and Gujarat. Infections have also climbed in the east as migrant workers stranded by lockdowns returned to their native villages from India’s largest cities.
In Brazil, where President Jair Bolsonaro has raged against state and local leaders enforcing stay-at-home measures, WHO warned that before reopening the economy, authorities must have enough testing in place to control the spread of the virus.
Brazil has 375,000 coronavirus infections — second only to the 1.6 million cases in the U.S. — and has counted more than 23,000 deaths, but many fear Brazil’s true toll is much higher.
Ryan said Brazil’s “intense” transmission rates means it should keep some stay-at-home measures in place, regardless of the damage to the economy.
A U.S. travel ban was set to take effect late Tuesday for foreigners coming from Brazil.
In Europe, Russian’s Vladimir Putin announced the postponed military parade marking the 75th anniversary of Nazi Germany’s defeat in World War II will take place June 24. Victory Day has become the most important holiday in Russia, traditionally marked May 9 with a show of armed might in Red Square.
Putin said the country has passed the peak of the outbreak.
Russia reported a record one-day spike Tuesday of 174 deaths, bringing the country’s confirmed death toll to more than 3,800. Russia’s coronavirus caseload surpassed 360,000 — the third highest in the world — with almost 9,000 new infections registered.
The country’s comparatively low mortality rate has raised questions among experts. Russian officials vehemently deny manipulating any figures and attribute the low numbers to the effectiveness of the country’s lockdowns.
The Associated Press contributed to this report.
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