On a day in which oil fell, interest rates slipped and measures of consumer borrowing flattened, stock traders were treated to rallies in energy companies, banks and consumer stocks.
Just another day in the 2020 market, where gaps keep widening between economic data and investor sentiment, helped by the Federal Reserve. Optimism that businesses will survive the recession and reopen is drowning out everything else, even buoying retail stocks ahead of Friday’s job report. Meanwhile, energy production companies rose 2.5% and financial stocks rallied 2.2% even as 2- and 5-year Treasury yields hit record lows.
