It is not all bad news this week. Several reports now cite an emerging trend which suggests the stock market has not been affected by the ongoing coronavirus pandemic and recent public unrest.
“Mass protests across the U.S. have no impact on stocks. What gives?” asked a Forbes headline Wednesday.
“The stock market continues to look past the coronavirus pandemic and civil unrest,” said Investors Business Daily.
There are now numbers to back up these observations.
“This is record breaking,” wrote Jim Hoft, founder of the Gateway Pundit, a news and opinion site. “The Dow is up more than 7,000 points in the last two months. The increase is record shattering as the DOW has never gone up more in a two month period. Liberals cheered as the markets plummeted in February and March after reaching another all-time high on February 12, 2020, of 29,551. They were praying for a depression or recession which they hoped would doom the Trump presidency.
“But things have changed,” he wrote. “Yes, not everyone is back at work due to crazy inhibitive government or corporate actions, but many Americans are at work again. The signs of a recovery are everywhere despite the left’s riots around the country.
“On March 23rd, the DOW closed at 18,592,” Mr. Hoft explained. “This was the lowest the markets had been since before the President was elected. But over the past two months, the DOW has gained back more than 7,000 points. On Tuesday, June 2nd, the DOW closed at 25,743, for an increase of more than 7,000 points (7,151) since March 23rd.”
Jim Paulsen, chief investment strategist at the Leuthold Group, concurred.
“Despite several issues of importance — national riots, Chinese relations, an ongoing pandemic — the stock market is primarily focused on a single thing: the restart of U.S. and global economic activities,” Mr. Paulsen told CNBC.