History offers Wall Street nothing in unprecedented Covid crisis
With momentum back, history supposedly shows the gains are here to stay, but past recessions were caused by fiscal and monetary problems — not a global pandemic
07 July 2020 - 17:16
New York — Nothing has been normal on Wall Street for a long time. So expecting what “normally happens” to guide the here and now is an especially fraught exercise.
And yet that’s what a legion of strategists and analysts continue to do, as the pandemic and its economic pressures roll on. They’re reverting to their only playbook — the past. It’s a technique that showed its age in March, when the fastest plunge ever turned into the quickest 50-day advance in nine decades, a rally those with a historical bent said was doomed...
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