No two crises are alike. Some contagions infect fewer people than others. Some are deadlier than others, and some spread more easily. Some engulf a city but leave other areas unscathed and able to help. Others hit large swathes of continents, hemispheres, even the entire globe, if not simultaneously then, in our increasingly integrated world, in rapid succession. Securities markets have always tended to be good leading indicators of future earnings expectations and will move rapidly up and down as new information influences those expectations. Volatility will be highest when political decisions influence earning expectations most, as they have during the present pandemic.
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