The world is in a state of nearly unparalleled turmoil—except for financial markets, which seem blithely unaware. The S&P 500 was up a further 0.8% Tuesday, following a 0.4% gain Monday. That makes for a 10-day gain of nearly 5%.
That might seem illogical, but it isn’t. Markets care about one set of policy developments to the exclusion of everything else: namely, the fact that government rescue measures seem to be working, at least to the extent of avoiding worst case scenarios.
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