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Wall Street’s Bulls Drive Epic Market Split From Grim Reality

  • Markets and the economy have grown more and more disconnected
  • Stocks on average bottom 5 months before a recession ends
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There Is A 'Flicker of Light' At The End of A Very Long Tunnel, Says Schroder's Kyrklund

Unemployment is spiraling toward 20%. Retail sales just dropped the most on record. Global economists predict the worst recession in eight decades. And stock investors have made peace with it all.

Up 27% since mid-March, the S&P 500 on Tuesday capped its biggest 15-day run since 1933. So furious has the revival from the fastest bear market been, equity valuations are now back to where they were before it all started. Wednesday’s pullback hasn’t even retraced one day’s advance.