Blink and you may have missed it — the Dow Jones Industrial Average DJIA, -3.86% is in a bull market, reached on a day when data showed a record number of people filing for unemployment benefits.
John Velis, a currency and macro strategist for the Americas at BNY Mellon, isn’t convinced the market has reached a bottom. He points out that recent bear markets had plenty of powerful rallies. “COVID-19 infections in the United States are still growing in number and we are not close to the peak of ‘the curve.’ Indeed, one could argue the worst is yet to come on the public health front, and this could entail ever more pain on businesses and employees — and the market,” he writes.
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