Stocks around the world rallied on Friday as investors latched onto strands of hope about progress in the fight against the coronavirus.
The stock market tries to set prices now for where corporate profits and business conditions will be months in the future, and some investors are focusing on the possibility that parts of the economy could reopen, even if it’s not imminent, rather than on the current dismal data. The S&P 500 is on pace for its first back-to-back weekly gain since the market began to sell off in February.
“There's the opportunity for a big letdown when we get back to work that things aren’t humming immediately,” Kinahan said.– A news report cited early progress in a drug candidate for the virus. Analysts cautioned that the encouraging data was only anecdotal, and they were hesitant to put too much stock in it.
Together, the developments helped lift the S&P 500 by 1.8 percent, as of 1:45 pm Eastern time. Earlier in the day, the index bounced between gains of 2.2 percent and 1.1 percent. “There’s still a great deal we don't know, and thus we hesitate to put too much into the results generated at a single center without a control group,” analysts at JP Morgan wrote in a report. “That said, we’re not overly surprised by the sharp after hours move higher given the amount of hope the market are putting into these types of countermeasures.”
But the S&P 500 is still down roughly 16 percent from the record set in February as numbers roll in and show the cataclysmic damage being done to the economy. Roughly 22 million US workers have lost their jobs in the last month as businesses shut down. Banks are bracing for consumers and businesses to default on billions of dollars in loans, and no one can say for sure when the economy will get back to anything approximating “normal.
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