“Won’t Back Down”… The headlines aren’t perfect, but it seems investors exhausted by selling and fed-up with bad news are ready to stand their ground. The excuses were there for US indices to have a down-day (yesterday’s +7% surge, for one) but as we enter the last 2 hours of trading the S&P is hanging tough. Recent reports that virus cases in Italy continue to drop off and that China’s Wuhan travel ban is to be lifted provided fresh bursts of hope even as New York confirmed its deadliest day yet. Good news is good news, but with so much uncertainty remaining around a subsequent economic recovery (not to mention a painful earnings season fast approaching), this mini-bull run may be “Runnin’ Down a Dream” a bit too early…
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