Stocks open much higher on Wall Street as markets around the world piled on even more big gains following their huge rally a day earlier.
A woman wearing a face mask walks past an electronic board showing Hong Kong share index outside a local bank in Hong Kong, Tuesday, April 7, 2020. Asian shares are rising, echoing the rally on Wall Street fueled by signs of hope that the coronavirus pandemic could be slowing.
Even though economists say a steep recession is inevitable, if not already here, the stock market is looking ahead to when economies will reopen from their medically induced coma. A peak in the number of new infections would finally give some clarity about how long the upcoming recession may last and how deep it will be, after authorities shut businesses down worldwide in hopes of slowing the spread of the virus.
Investors also see signals that the number of daily infections and deaths may be close to peaking or plateauing in Spain, Italy and New York. But investors have already been preparing for a sharp, sudden recession. That’s why they sent the S&P 500 down as much as 34% since its mid-February peak. It’s still down about 20% since then.
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