In general, for markets to move higher, investors need to see two things – what’s being done to stop the virus spread and what’s being done to limit the potential economic disruption. We got some clarity on the latter point. It took lawmakers a bit longer than many investors had hoped, but Congress was able to come to terms with a significant stimulus bill of $2 trillion. That’s more than double the stimulus bill in 2008 and, to put this in perspective, it is around 10% of last year’s GDP in the United States. The bill is also frontloaded, with much of the money scheduled to flow quickly into the economy in the coming months.

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