“Chairman Powell threw a bucket of cold water on the thought that the economy is going to go back to where it was in 2019 any time soon,” said Matt Maley, chief market strategist at Miller Tabak, an asset management firm. The twin actions reassured investors that the government would not let the bottom fall out of the market, giving them the confidence to begin buying stocks again. It was the fastest recovery off a market low for the benchmark index since 1933. In recent weeks, investors couldn’t stop buying the stocks of companies beaten down by the virus, betting that they would rebound quickly as states reopened. There has been a resurgence of the virus in those states, even as cases in the United States topped two million.

Source: New York Times June 11, 2020 22:45 UTC