NEW YORK - An equity market bounce that has weathered a pandemic, shut-down economies and tens of millions of lost jobs now must navigate spiraling civic unrest with the potential to exacerbate all of it.
Along with central bank support, prospects of a speedy reopening to the US economy and the avoidance of a second virus wave fueled the comeback, by some measures the fastest of its kind ever recorded. Those hopes are being tested by violence in dozens of cities following the death of George Floyd, the black Minneapolis man killed by police last week.
Peter Tchir, the head of macro strategy for Academy Securities, whose bullish pronouncements have borne out amid the rebound, said he was"at a loss for words" when considering the scope of anguish gripping the country. Several companies whose businesses have held up during the pandemic announced steps to cope with the virus. Amazon.com Inc. will curtail deliveries and shut down stations in Chicago, Los Angeles and Portland. Apple Inc. kept some stores closed, citing employee health and safety concerns. Chicago is considering a delay in starting to relax restrictions after weekend protests caused damage.
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