The Dow rallied by over 11% to close up by over 2,100 points — only a day after a sell-off virtually erased all of the gains made since President Donald Trump was elected — and its best day in nearly 90 years. The S&P 500 Index had its strongest session since 2008, while the Nasdaq turned in its best performance in 7 days.
The damage — both economic and political — from COVID-19 has stoked a widening debate over how quickly the U.S. can return to a semblance of normalcy. With his re-election chances likely to be defined by a recovery from the crisis, President Donald Trump on Tuesday called for the economy to be restarted by April 12 — but market analysts have their doubts about that timetable.
“The current crisis is, at its core, a health policy problem resulting from the pandemic,” Eric Stein, co-director of fixed income at Eaton Vance, wrote this week.“And, it’s going to be health-policy that leads us to ‘flatten the curve’ and hopefully diminish the projected death rates and help us to resume normalcy.”
Damage from the outbreak has taken a massive toll on small and local businesses, as well as the country’s largest corporations, as residents practice social distancing and shun leisure and travel. These jarring, if temporary, societal dislocations have been aimed at slowing the spread of the coronavirus, which has sickened more than 46,000 in the U.S. as of Tuesday morning,
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