Shift to ‘Stay-at-Home’ Stocks Revives Rally on 2nd-Wave Worries
- Shares that drove gains in April and May return to favor
- States with high Covid-19 spread see economic momentum stall
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You have to hand it to this market. It finds a way to go up.
Eight days ago, it looked like the fastest rally ever recorded had met its Waterloo in a rout that knocked $2 trillion off the price of equities in a matter of hours. But rather than retreat, bulls retrenched. Instead of hitting sell on everything, they quietly migrated back to the stocks that propelled the gains through April and May, while laying off the value shares that drove early-June’s euphoria.