The U.S. economy is re-opening for business no matter the extent to which Covid-19 might spread once again. Part of the reason is simply that people are tired of lockdown and want to go back to business as usual.
— AP’s Alex Veiga and Damian Troise: “Stocks ended broadly lower on Wall Street Tuesday as trading turned wobbly a day after the market notched its biggest jump in more than five weeks. The S&P 500 fell 1% after having been up by 0.4% in the early going. Losses in banks, health care stocks and household goods companies accounted for a big portion of the selling. A late-day slide erased early strength in technology stocks and companies that rely on consumer spending.
“Powell, by contrast, stressed, as he has in recent weeks, that the nation is gripped by an economic shock ‘without modern precedent’ and that Congress must consider providing further financial aid soon to support states, localities, businesses and individuals to prevent an even deeper recession.”— WSJ’s Paul Kiernan: “The Congressional Budget Office said the U.S.
“Many House Democrats, seeing a slow return to normal and a protracted economic downturn, contend it is crucial to get money out again. They see fresh cash injections as a bridge to help families weather an uncertain economic future amid more waves of infections and deaths.”— Bloomberg’s Todd White: “American financial conditions have loosened at the fastest pace since at least 1990, belying mounting investor skepticism that a V-shaped economic recovery will follow the pandemic-induced crash.
“In a bid to soften the coronavirus’s economic blow, the government has stretched its financial safety net wide — from strategically sensitive companies, to entire industries such as energy and airlines, to the market for corporate bonds. ‘The ‘too big to fail’ that existed for banks has now extended to a lot of other firms,’ said Luigi Zingales, a University of Chicago professor of finance who has long studied the interplay of government, regulation and the private sector.
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