Investors continue to assess the risks of the U.S. returning to business.
The CBOE Volatility Index , Wall Street’s fear gauge, has come way down since the market’s wild months in March and April, however: After peaking at 82.7 in late March—amid the height of the coronavirus sell-off, it’s now down to 26.4.Stocks are once again “demonstrating impressive resiliency,” moving slightly higher despite “hardly any major macro news” to spur a rally, says Adam Crisafulli, founder of Vital Knowledge.
He says that while “it’s certainly encouraging that business conditions appeared to have troughed in early April,” the declines compared to last year “remain enormous and it will be some time before trends return to pre-crisis levels.”“It's been a rough year for the banks,” according to Bespoke Investment Group. “Despite coming into this crisis much better capitalized than they were during the last, the sector still hasn't been able to avoid the pain.
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