Here’s a weird twist on American exceptionalism — U.S. stocks, as measured by the benchmark S&P 500 index, are holding their own versus European rivals, even though U.S. coronavirus cases are surging again and threatening the economic recovery
Here’s a weird twist on American exceptionalism — U.S. stocks, as measured by the benchmark S&P 500 index, are holding their own versus European rivals, even though U.S. coronavirus cases are surging again and threatening the economic recovery while European countries appear to largely have the outbreak under control.
Oliver Jones, senior markets economist at Capital Economics, argued in a Tuesday note that there was more to the phenomenon than the valid but oft-cited outsize weighting of tech and health-care companies in the S&P 500 SPX, +1.34%. “After accounting for sectoral patterns, big firms with strong balance sheets have been much better able to weather the storm of the coronavirus crisis than most. Some have even used it as an opportunity to secure their dominance, snapping up the assets of weakened would-be rivals,” he said, noting that the five largest companies have announced a “remarkable 18 acquisitions between them since the crisis began.
The number of new cases in the U.S. continues to rise, while most Western European countries have seen the number hold steady or fall over the past two weeks, according to a New York Times tracker.
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