Nearly a year after the pandemic began, the continued rise of COVID-19 cases around the country is prompting many cities and states to enforce new restrictions. Just as they have since the first set of lockdowns, these measures will likely have a disproportionate effect on retail, dining, hospitality, and similar industries. And although a great deal has been learned about how the coronavirus does and does not spread since the beginning of the year, there are still difficult trade-offs between business activity and public health. Fortunately, the overall economy, the stock market and investors have shown that they can be resilient in the face of these restrictions

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