在这场流行病中股票市场发生了什么

在这场流行病中股票市场情况怎么样

Even with millions of people out of work, the stock market has regained much of the ground it lost since March. Below, a trader walks across the trading floor of the New York Stock Exchange on May 28.

尽管有数百万人失业，股市还是收复了3月份以来的大部分失地。下图是5月28日，一名交易员走过纽约证券交易所的交易大厅。

It's counterintuitive.

这是违反直觉的。

At a time of roiling civil unrest and an unprecedented economic crisis, stock prices are chugging along quite nicely. In fact, they have rebounded sharply since the dark days of March.

在国内动荡不安和前所未有的经济危机之际，股票价格一路顺风。事实上，自3月份那段黑暗的日子以来，股市已经大幅反弹。

The Dow Jones Industrial Average, which lost 37% of its value between Feb. 12 and March 23, has now regained more than two-thirds of the ground it lost. Same with the broader S&P 500 index.

道琼斯工业股票平均价格指数在2月12日至3月23日期间下跌了37%，目前已收复了跌幅的三分之二以上。范围更广的标准普尔500指数(S&P 500)也是如此。

Or, as President Trump tweeted last week, "Stock Market up BIG. ... The Transition to Greatness has started, ahead of schedule."

或者，正如特朗普总统上周在推特上所说，“股市大涨...已经提前开始了向伟大的转变。”

It's a staggering turnaround since the early days of the coronavirus lockdowns, when the Dow was routinely falling by 1,000 points or more. On March 16, the most widely quoted stock index had its worst single-day point drop on record, falling 2,997 points, or 13%.

这是自冠状病毒封锁初期以来令人震惊的逆转，当时道琼斯指数通常会下跌1,000点或更多。3月16日，最广泛上市的股指出现了有记录以来最严重的单日点跌幅，下跌2,997点，跌幅13%。

What gives?

到底发生了什么事?

Some of the rebound has been driven by a few big tech companies such as Apple and Microsoft, which have returned to their pre-pandemic levels.

部分反弹是由苹果和微软等几家大型科技公司推动的，它们已恢复到疫情前的水平。

"These companies ... have developed just an unbelievable sort of character that just does not exist among the broader stock market," says Jim Paulsen, chief investment strategist at the Leuthold Group.

Leuthold Group首席投资策略师吉姆•鲍尔森表示: “这些公司…已经发展出一种令人难以置信的特质，这种特质在整体股市中是不存在的。”

"They've been able to grow even when the economy doesn't grow. And when the economy does grow, they grow faster. That is an incredible attribute," he says.

“即使经济不增长，他们也能增长。当经济增长时，他们增长得更快。这是一种难以置信的特质。”他说。

A few other companies, such as Netflix and Amazon, have actually benefited from the pandemic. When people are locked inside, they stream a lot of movies and order a lot online.

其他一些公司，如Netflix和亚马逊，实际上已经从这场流行病中获益。当人们被锁在家里时，他们会看很多电影，在网上订购很多东西。

Because tech giants make up a large part of major stock indexes like the S&P 500, their movements tend to have an outsize effect on the broader market.

由于科技股巨头在标普500等主要股指中占很大比重，它们的走势往往会对大盘产生巨大影响。

But even companies especially hard hit by the pandemic, such as Marriott and Carnival, have risen since March, although they're still down sharply for the year.

但即便是受到疫情严重打击的公司，如万豪和嘉年华，自3月份以来也出现了上涨，尽管今年以来仍大幅下跌。

What has happened is a clear shift in market sentiment, Paulsen says.

鲍尔森表示，市场情况发生了明显转变。

Current economic data may look ominous, with unemployment nearing 15%, consumer spending in a ditch and famous companies such as J.C. Penney and Hertz in bankruptcy. But investors are peering into the future and seeing an economy that is beginning to recover.

当前的经济数据看起来可能不太好，失业率接近15%，消费者支出陷入低谷，J.C. Penney和Hertz等知名公司破产。但投资者正在展望未来，看到经济开始复苏。

"There are a lot of things that have changed to the more favorable side. We're starting to see the reopening of the economy." Paulsen says.

鲍尔森说:“很多事情都朝着有利的方面改变了。我们开始看到经济重新开放。”

Meanwhile, the Federal Reserve and other central banks have been pouring money into the economy to help small businesses and municipal governments. The Fed is even buying junk bonds.

与此同时，美国联邦储备委员会和其他央行一直在向经济注入资金，帮助小企业和市政府。美联储甚至在购买垃圾债券。