President Donald Trump's handling of the coronavirus outbreak early this year was"an incredible gift" for investors because it kept markets stable long enough for some to protect their portfolios, Axon Capital co-founder Dinakar Singh told investors this month.
Trump has justified his public assurances that the virus will quickly go away by arguing he needs to be"a cheerleader" for the United States to avoid creating"havoc and shock." The United States has the highest number of confirmed coronavirus infections and deaths in the world."We simply never believed 'what happens in China stays in China,'" Singh wrote in a letter to investors last week that was seen by Reuters.
The novel coronavirus first emerged in China last December. The first U.S. case, in Washington state, was reported in mid-January, and through late February U.S. cases reported remained low. During that period Wall Street stocks continued to rally, with the Nasdaq and the Dow posting record highs on Feb. 19.
The S&P was still down on the year at the close of the first half, but the Dow and the Nasdaq both closed out the period higher.
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