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Data: FactSet; Chart: Andrew Witherspoon/Axios

After largely ignoring the coronavirus outbreak in January, news about the pandemic has been just about the only thing that has mattered to investors since the market's initial fall from record highs on Feb. 23.

Why it matters: Stock prices have bounced back since hitting a low on March 23, but analysts warn the gains are likely "bear market rallies" not backed by data.

  • The S&P 500 has gained around 15% since hitting its low, ending the bear market.

Watch this space: “Risk to the downside is greater than the opportunity to the upside from this point where we stand today,” Goldman Sachs chief equity strategist David Kostin told CNBC on Tuesday.

  • “I would just remind you that in 2008 in the fourth quarter there were many different rallies, I call them bear market rallies, some of which almost 20% a couple of times — but the market did not bottom until March of 2009.”

Go deeper: A coronavirus guide for individual investors

Go deeper

Updated 37 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Eniola Odetunde/Axios

Dave Lawler, author of World
51 mins ago - World

Biden holds first phone call with Putin, raises Navalny arrest

Putin takes a call in 2017. Photo: Handout/Anadolu Agency/Getty

President Biden on Tuesday held his first call since taking office with Vladimir Putin, pressing the Russian president on the arrest of opposition leader Alexey Navalny and the Russia-linked hack on U.S. government agencies, AP reports.

The state of play: Biden also planned to raise arms control, bounties allegedly placed on U.S. troops in Afghanistan and the war in Ukraine, according to White House press secretary Jen Psaki, who said the call took place while she was delivering a press briefing. Psaki added that a full readout will be provided later Tuesday.

Biden signs racial equity executive orders

Joe Biden prays at Grace Lutheran Church in Kenosha, Wisconsin, on September 3, 2020, in the aftermath of the police shooting of Jacob Blake. PHOTO: Jim Watson/AFP via Getty Images

President Joe Biden on Tuesday signed executive orders on housing and ending the Justice Department's use of private prisons as part of what the White House is calling his “racial equity agenda.”

The big picture: Biden needs the support of Congress to push through police reform or new voting rights legislation. The executive orders serve as his down payment to immediately address systemic racism while he focuses on the pandemic.