Stocks have risen swiftly as investors look beyond the coronavirus pandemic, but millions of Americans continue to suffer unemployment and sickness.
The market has advanced so fast during the pandemic that it almost seems blasphemous to be bullish.
Stock market investors are looking beyond the tragedy to a future in which coronavirus doesn't pose a global threat. Shame and fear effectively deters action that goes against the prevailing grain, but how does that relate to the stock market?until March 23, on recognition, mixed with understandable panic, that the coronavirus' global spread would overturn every economy in the world, killing hundreds of thousands, if not millions, along the way.
Nevertheless, the market shook off warnings of policymakers and pundits who are certain that reopening should be both glacial in timing and conditional on universal testing or an effective vaccine — which are both many months, if not years, away. Stocks have steadily scaled a wall of not just worry, but intense fear of insensitivity to the suffering around us. The implication is that investors believe that the wall was too high and the market was too pessimistic in late March.
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