S&P 500 at Record as Stock Market Defies Economic Devastation
Widespread economic devastation, severe unemployment and a grim prognosis for recovery have not stopped the stock market’s exuberance. And on Tuesday, that undying optimism propelled the market to a new high, pushing it past a milestone reached only six months ago, when the coronavirus was just beginning its harrowing journey across the United States.
“This market is nuts,” said Howard Silverblatt, senior index analyst for S&P Dow Jones Indices.
To those outside Wall Street, the market’s rise may appear inexplicable given the human and economic toll of the virus, and a stalemate in Washington that has paralyzed efforts to provide more relief that many businesses and workers desperately need. Still, investors have cast the nearly relentless drumbeat of bad news aside to focus on any signs that the worst might be over. They have also …continued .
[Source: New York Times]