Along with the virus, here’s what people said has been driving the stock market this week. Optimism over Fed policy. Pessimism over Fed policy. Optimism over the government’s response. Pessimism over the government’s response. The Beige Book. Joe Biden.
The ink’s barely dry on one view, and the market goes careening the other way. It’s a futile, and infuriating, situation for investors and analysts. Forget about trying to predict where stocks will be in six months or a year. These guys can’t even figure out where they’ll be tomorrow. Everything depends on how the virus outbreak will play out. And nobody has a clue.