With news that the virus could just be levelling off in some places?
Investor’s did some buying….
The bullish sentiment was driven by a number of factors:
- While the White House acknowledged this week could be among the toughest for coronavirus hot spots like New York, the administration had a more optimistic tone overall at a press conference on Sunday, noting signs of stabilization in hospital rates and other factors.
- New York State reported 594 new coronavirus deaths on Sunday, fewer than 630 on Saturday, marking the first daily decline in coronavirus-related deaths, according to Governor Andrew Cuomo.
- Slowing death rates in Europe offered up some hope that the U.S would be nearing its peak soon as well and that social distancing measures are working.
- Oil cut its losses after Russia’s sovereign wealth fund chief said that Russia and Saudi Arabia were very close to a deal on production losses.
“Incoming data suggests NY state might peak sooner than Cuomo’s optimistic case,” Tom Lee, head of research at Fundstrat, said in a note to clients. “With better visibility on the healthcare crisis in the US, particularly, on a potential to model a national peak, we believe buyers are now taking control.”…