On Thursday, US initial jobless claims shot up to an unprecedented 3.3 million, close to the 3 million predicted by Fathom (vs. 1 million consensus). Markets completely shrugged off the news, rallying for the third consecutive day and leaving the S&P 500 some 18% above the lows recorded at the end of Monday. However, elevated market volatility continues to provide a sobering perspective on the heightened level of uncertainty.
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