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While the coronavirus remains a global pandemic with fatalities rising and an economic catastrophe with American jobless claims surging to 3.28 million, the most ever, there is a small sign that there may be a light at the end of the tunnel.
The Dow Jones Industrial Average emerged from its bear market on Thursday, rallying 21.30 percent over the past three trading days, the quickest bear market low to a bull market entry on record, as tracked by Dow Jones Market Data Group.
When asked on Thursday whether the economic uncertainty is over, President Trump said no, but acknowledged progress is being made.
"It hasn't passed, but its come a long way. I think they think we are doing a really good job in terms of running this whole situation" he said.
Compared to other Black Swan events, those that are unforeseen and have extreme consequences, the coronavirus bear market is the shortest followed by the financial crisis of 2009, then the Dot-Com Bubble bursting and the 9/11 terrorist attacks.
U.S. Army Lt. Col. James Carafano told FOX Business' 'Evening Edit' the nation is much more prepared for this pandemic than it may appear.
"We are way better off than we were on 9/11," he said. "9/11 nobody had the situational awareness of the medical capacity and capability across this country, nobody knew how to marshall supplies and surge them in different places. If this happened in 2001 instead of 9/11 it would have been way worse" he said.
For investors clarity is key. Billionaire hedge fund investor Bill Ackman, speaking to Maria Bartiromo earlier this week, disclosed he has been a buyer of stocks amid the crisis.
"We’ve invested $2.5 billion beginning in the last 12-13 days and we’ve been buying all the way down, so we are voting with our feet if you will….We think the President is correct, we think Mnuchin is correct, they handled this virus correctly and they shut it down and the economy will come roaring back but you have to give the business community, the investment community the confidence there is an end date" he advised.