Evercore Leans Bullish With Five Reasons Stocks Didn’t Tank
- DeBusschere points to valuations, Covid-19 statistics
- Strategist sees credit spreads, Treasury volatility as key
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The apparent dichotomy between bad news on the economy and resilience in the stock market isn’t such a mystery for the strategists at Evercore ISI, who remain unswayed by dark warnings from Wall Street heavyweights.
Deepening U.S.-China tensions, worries over fiscal authorities stepping off the accelerator, a surge in unemployment and fears about a second wave of coronavirus infections along with other downbeat headlines all make it notable that the S&P 500 Index only fell 2.3% last week, Evercore strategist Dennis DeBusschere wrote in a note Sunday. The key counterpoint has been moves to reopen businesses around the world.