Data: FactSet; Chart: Axios Visuals

Even if the real economy is in shambles, that doesn't mean the stock market can't rise. And U.S. equities look primed for a "Superfecta," Jim Paulsen, chief investment strategist at the Leuthold Group, writes in a note to clients.

What it means: Superfecta is a horse racing term in which a bettor correctly picks the first four finishers in exact order.

  • "And today, the stock market is enjoying its own Superfecta of positive forces which can win in any order — widespread investor fears, an unprecedented policy push, a significant economic bounce from the ‘lockdown recession’ and an economy with so much room for improvement (starting with a double-digit unemployment rate)," Paulsen says.

Driving the news: The S&P rallied 1.24% on Wednesday, and while U.S. lawmakers remain deadlocked on new relief measures, Wall Street analysts remain confident Congress will produce a new bill.

The big picture: "Although the stock market will certainly experience pullbacks, disappointments and corrections along the way, the horses have just begun this race and investors should be wary of cashing in a winning Superfecta ticket too early," Paulsen notes.

Go deeper

Felix Salmon, author of Capital
Sep 24, 2020 - Economy & Business

Equity outflows speed up

Data: Investment Company Institute; Chart: Axios Visuals

One paradox of the recent bull-market run is that it has taken place in the face of consistent selling by investors in ETFs and mutual funds.

The big picture: Monthly flows from actively-managed stock-market funds have been negative for years, and while flows into passively-managed funds have been positive, they have generally been smaller.

Updated 21 mins ago - Politics & Policy

Supreme Court blocks Alabama curbside voting measure

Photo: Mark Wilson/Getty Images

The Supreme Court on Wednesday evening blocked a lower court order that would have allowed voters to cast ballots curbside at Alabama polling places on Election Day.

Whit it matters: With less than two weeks until Election Day, the justices voted 5-3 to reinstate the curbside voting ban and overturn a lower court judge's ruling designed to protect people with disabilities.

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Politics: Senate Democrats block vote on McConnell's targeted COVID relief bill McConnell urges White House not to strike stimulus deal before election.
  2. Economy: Why the stimulus delay isn't a crisis (yet).
  3. Health: New York reports most COVID cases since MayStudies show drop in coronavirus death rate — The next wave is gaining steam.
  4. Education: Schools haven't become hotspots — San Francisco public schools likely won't reopen before the end of the year.
  5. World: Spain becomes first nation in Western Europe to exceed 1 million cases.