Across the globe, major indexes are recovering. Every major world market we follow fell into a bear market in March, now fewer than 15% of them are. We're seeing similar recoveries among major U.S. sectors and even industries. The only comparisons there were the ends of the last two bear markets.; Thanks to improvements in labor market indicators, economic surprises in the U.S. have turned positive. This happens when economists extrapolate recent bad news into the future and become too negative on the prospects for a recovery. The positive turn in surprises has reversed record low readings.

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