Last week we saw the worst weekly unemployment claim in history and the market barely wavered. Today we see a 1-day decline in new US cases and the S&P 500 rallies over 7%.
1.33 million people around the world have tested positive for COVID-19, and more than 25% are American. Investors and analysts are looking for the top of the COVID curve to better model and quantify the GDP impact.
It looks like we may have hit that top of the new case curve over the weekend. Slowing the pandemic's spread is the first of many steps in getting the world back to normal. Testing is going to be vital to ensuring that the virus does not reignite once quarantine is over.
Global cases have been slowing for the past 2 days, and the markets are hoping this will continue. The equity markets are yearning to recover back to new highs. All it needs is the world to go back to normal.
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