The number of COVID-19 tests in the US has ramped up significantly, which is a major step to defeating this terrible pandemic. “We know we need more testing to help quickly isolate those infected, and last week we had more than 300,000 tests on consecutive days for the first time ever,” said LPL Financial Senior Market Strategist Ryan Detrick. “What is even better news is the percentage of positive tests has been trending lower, even as more testing has ramped up.”
As shown in the LPL Chart of the Day, in the face of a surge in overall COVID-19 tests per day in the US, the percentage of positive tests has been beneath 10% recently, well beneath the peak of more than 20% in early April.
For more of our thoughts on the large equity rally and the jump in COVID-19 testing, please watch Ryan Detrick’s recent interview with CNBC’s Tyler Mathisen on The Exchange below.
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