“Investors are saying: Look, I know things are bad, tell me something I don’t know,” said Sam Stovall, chief investment strategist at CFRA. “If I know things are going to be horrendous, the only way you can surprise me is to the upside.”Everyone agrees the world is sliding into a severe recession after economies worldwide shut down in hopes of slowing the spread of the coronavirus. That would eventually filter through to corporate profits, which are the lifeblood of the stock markets. “Earnings for 2020 are pretty much a waste, so let’s look beyond the valley, let’s look to 2021,” Stovall said. Lyft jumped 27.5% after it said late Wednesday that ride levels appear to have steadied after hitting a bottom in the second week of April.

Source: Daily Sun May 07, 2020 14:15 UTC