Dow’s shortest bear market shows coronavirus can be curtailed
Coronavirus economic uncertainty hasn’t passed yet, Trump says
President Trump says he’s given the stock market optimism and support during the coronavirus outbreak.
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While the coronavirus remains a global pandemic with fatalities rising and an economic catastrophe with American jobless claims surging to 3.28 million, the most ever, there is a small sign that there may be a light at the end of the tunnel.
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The Dow Jones Industrial Average emerged from its bear market on Thursday, rallying 21.30 percent over the past three trading days, the quickest bear market low to a bull market entry on record, as tracked by Dow Jones Market Data Group.
When asked on Thursday whether the economic uncertainty is over, President Trump said no, but acknowledged progress is being made.
"It hasn't passed, but its come a long way. I think they think we are doing a really good job in terms of running this whole situation" he said.
WHAT IS A BLACK SWAN?
Compared to other Black Swan events, those that are unforeseen and have extreme consequences, the coronavirus bear market is the shortest followed by the financial crisis of 2009, then the Dot-Com Bubble bursting and the 9/11 terrorist attacks.