The total cases of coronavirus had accumulated to ~3.6 million with ~250 thousand deaths worldwide. About 30 million unemployment claims had been filed in the past six weeks in the US alone. Companies had reported lower earnings. US PMI had dropped to 41.5% Wherever you look, the economic data is worrying.
And yet, the market is doing great.
US stocks had the best month since 1987 amidst the economic devastation wrought by COVID-19.
This rally does not seem to be supported by fundamentals. How can the stock market do well when the economy is doing so badly?
Could this be a sucker rally?
Fundamentally Supported by The Fed?“This rally in equities is clearly not driven by fundamentals — it’s driven by the
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