Covid-19 Is a Puzzle That Wall Street Can’t Solve

The first half of 2020 was the most dizzying selloff-turned-comeback many investors have witnessed in decades of working on Wall Street. Stocks, commodities and bond prices careened in March as what experts had described as a mysterious illness circulating around central China morphed into a global pandemic. The longest-ever bull market for stocks came to an abrupt end, its demise caused not by a central bank misstep or a global trade war but by the economic fallout from Covid-19. At one point, it appeared the financial system…


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