When Wall Street bypasses Main Street

Jun 08, 2020 | Jay Zhang


The U.S. equity market continues to race ahead, even as businesses struggle with the economic gridlock created by COVID-19 shutdowns and society grapples with the effects of racial injustice.


Normally, equity markets face a wall of worry—and lately, there has been a mountain of worry. Yet following the initial steep COVID-19 selloff, markets have climbed the mountain successfully. U.S. and Canadian indexes are up almost 40
percent since the March lows, and major European markets are up about 30 percent.
With equity markets so buoyant during the economic crisis induced by COVID-19 lockdowns, and even drifting higher as the racial justice crisis has re-emerged, why does America’s Main Street seem so disconnected from Wall Street?


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