White House National Economic Council Director Larry Kudlow reported Friday that U.S. health experts told him there is no second spike of the coronavirus, but that certain spots are seeing a "jump up."
In an interview on "Fox & Friends" with hosts Ainsley Earhardt, Steve Doocy, and Brian Kilmeade, Kudlow assured that the government would not be shutting down the economy in relation to reports of higher case numbers.
"And, Secretary Mnuchin said yesterday in testimony -- and I totally agree --we are not going to shut down the economy," he stated. "What you do have is certain spots are seeing a little bit of a jump up, some small metropolitan areas are seeing it. The CDC and the health people are all over it. They've sent some task forces out to deal with it."
"But, if you look nationally, the important point is the rate of increase [in] new cases is between zero and one percent. It’s really flattened out, and with respect to fatalities, it's the same. It's actually lower than that. It’s like zero to a half [of] a percent," Kudlow told the "Friends" hosts.
The Dow Jones Industrial Average plunged 1,861 points on Thursday -- the fourth-worst one-day point drop on record -- as investors reacted to the resurgence in infections in opening states and also after the Federal Reserve warned of slower economic recovery.
The S&P 500 and the Nasdaq Composite sank 5.89 percent and 5.27 percent, respectively. The selling marked the sharpest one-day decline for the major averages since March 16.
On Wednesday, confirmed cases of coronavirus in the U.S. passed the two million mark.
According to data from the Centers for Disease Control and Prevention (CDC) obtained by Yahoo News, the U.S. has seen a 36.5 percent increase in daily cases in recent days amid street protests and states' reversals of shutdown policies. The Washington Post reported Wednesday that nine states – Texas, Arkansas, South Carolina, Nevada, Arizona, North Carolina, Oregon, Florida, and Utah – had all set new highs based on seven-day rolling-case averages.
Five states – Montana, Arkansas, Utah, Arizona, and Texas – have seen coronavirus hospitalizations rise by at least 35 percent.
California, which has often been commended for its rapid response to COVID-19, has confirmed spikes in new cases or hospitalizations in nine counties, The Guardian reported.
Health workers have long voiced their concerns that opening up the country too early could eventually cause further damage to any progress in flattening curves. Some have also worried that the recent protests against police brutality could also contribute to a second wave of the virus.
While part of the increased case numbers could also be due to more testing -- which hit a daily record of 545,690 tests last Friday according to Reuters -- testing rates have fallen since then.
“In a period of four months, it has devastated the whole world,” Fauci told a virtual conference held by the Biotechnology Innovation Organization. “And it isn’t over yet.”
Fauci said vaccines will be the only way to stop the spread of the coronavirus, though he did express confidence that an antidote is being developed.
"So, if I can calm fears -- again, I'm not the health expert," Kudlow said. "Ambassador Birx may be out and about later today."
"Nonetheless, there is no emergency. There is no second wave," he concluded. "I don't know where that got started on Wall Street."
Fox News' David Aaro, Kellianne Jones, Madeline Farber, Vincent Barone, and Fox Business' Jonathan Garber contributed to this report.