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Markets Are Telling Trump to Listen to Experts

The president may waver on lockdowns, but investors are reassured by a flattening curve. 

Throughout the coronavirus crisis, Donald Trump has wavered about the quickest way to return the U.S. economy to health. Sometimes he imparts the message urged by his public health team to stay home and take precautions. Other times, he touts unproven miracle drugs like hydroxychloroquine or muses about reopening businesses prematurely. Day to day, hour to hour, often within the same briefing and sometimes within the same sentence, Trump pinballs between these two positions, desperate to rekindle the strong economy and booming stock market that were supposed to be his ticket to reelection.

Whether or not Trump heeds it, this week’s strong market rally, which briefly pushed the S&P 500 Index into technical bull territory, provides evidence that many investors believe strict public health measures—not wishful thinking—are the fastest path to recovery.