In a 20-minute span that ranks among the most extraordinary in the history of financial markets, the price of oil cratered to a level that few, if any, thought conceivable.
Banks and other financial companies rose 3.6%, the biggest gain among the 11 sectors that make up the S&P 500. They had tumbled earlier on worries about waves of households and businesses defaulting on their loans. The market’s big recent gains, though, are built more on hope for improving conditions than on anything certain. Some investors are worried that the reopening of businesses, if done hastily, could lead to a second wave of infections, and many warn that it’s uncertain how long this recession will last.
In Europe, Italy laid out a timetable for easing restrictions, and other countries are set to detail their plans soon. The German DAX climbed 3.1%, while the French CAC 40 rose 2.5% and the FTSE 100 in London added 1.6%.
If politicians could fly to the moon they would have done it 2000 years ago. They couldn't. Scientist had to do it.
This is going to backfire with thousands of extra deaths or more. Science trumps politics.