were the two companies with the most short-covering, at $1.47 billion and $1.39 billion in short positions closed, respectively.
The historically long bull market ended on March 12 after coronavirus fears and an oil-price war dragged equities more than 20% from their peak values. The pandemic has quickly morphed from a daunting market risk to the driver of a serious economic slump. Several banks have since called for a US recession to begin in the first half of 2020 as the virus drives stay-at-home orders and forces businesses to halt operations.
By March 19, the S&P 500 was down nearly 30% from its all-time high as investors continued to wait for fiscal relief plans from Washington, D.C. Senate Democrats Sunday evening, with the party calling for stronger protections for workers affected by the coronavirus and its economic fallout.
Ah, beautiful finance ! I hope the profits will go back into the real economy.
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