News & Events

The Weekly Wrap - June 5, 2020

The financial markets were jolted by another unexpected development this week, although this time the surprise was a welcome one. To be sure, equity investors had effortlessly climbed a wall of worry over the past month, driving stock prices up by more than 40 percent from their lows in late March, recovering all but about 5 percent of the debilitating plunge over the previous month. It was the sharpest rally over a 50-day period ever recorded and it continued into this week, overcoming additional challenges posed by roiling protests throughout the nation and an increase in tensions with China over its dealing with Hong Kong. These latest growth deterrents would only complicate the economy’s ability to recover from the deep slide in activity caused by the coronavirus pandemic.