S&P500 Rallies, however is further Risk Aversion Ahead

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The US stock market staged an impressive rally from the coronavirus lows – it is now up 38% from the levels seen in March. As the S&P500 rallied past the 3000 level despite high unemployment, state aid, and a rise in bankruptcies (e.g., Hertz), many investors argue that the stock market is disconnected from reality.
Behavioral finance studies tell us that investors react differently to similar situations. The same is valid for the broad market…

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