Explaining the Market Response to Today’s Economic Distress

A trader works on the floor of the New York Stock Exchange in New York City, March 10, 2020. (Andrew Kelly/Reuters)
Where we go from here

NRPLUS MEMBER ARTICLE P erhaps the most commonly expressed take on stock market performance in recent months is shock at how the market has performed given the state of the “real economy.” For others, disgust is a better word — believing somehow that this market pricing in the face of double-digit unemployment and an economy not even fully reopened is somehow indicative of a growing class divide. I would rather spend more time on the former topic in this article, addressing what has really happened in the market since the COVID recovery began, and why. But some interaction with whether or not this is


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