This was a day filled with news.
There was a report that Johns Hopkins was getting approval for the next phase of testing “convalescent serum therapy”, which has been around since the 1890's. It is a proven technique that has worked with the H1N1, SARS, polio and ebola.
The White House is meeting with Saudi Arabia and Russia on what could be a 10 million b/p/d reduction in pumping. This news sent crude futures up 8% and sent the markets on a strong upward trajectory.
The projected number of deaths from coronavirus has been lowered once again. It was estimated that as many as 2.2 million Americans would die. It was later revised lower to 240,000. Last week Dr. Fauci and President Trump said that they are trying to get the number under 100,000. Yesterday, they estimated the number would be closer to 60,000. This is not far from the number of ventilators NY Gov. Cuomo said he needed just for NY.
Though it is sad when any death occurs, one must keep the numbers in perspective. The flu killed 66,000 last year. There was NOTHING else the market could do but accept this as good news.
So after spending $2.2 trillion and wrecking portions of the economy, the optimism is there that things may work out not only better than feared, but better than hoped.