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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 10 mins ago - Politics & Policy

Trump grants flurry of last-minute pardons

Photo: Jabin Botsford/The Washington Post via Getty

President Trump issued 73 pardons and commuted the sentences of 70 individuals early Wednesday, 11 hours from leaving office.

Why it matters: It's a last-minute gift to some of the president's loyalists and an evident use of executive power with only hours left of his presidency. Axios reported in December that Trump planned to grant pardons to "every person who ever talked to me."

55 mins ago - Politics & Policy

Trump revokes ethics order barring former aides from lobbying

Photo: Spencer Platt via Getty

Shortly after pardoning members of Congress and lobbyists convicted on corruption charges, President Trump revoked an executive order barring former officials from lobbying for five years after leaving his administration.

Why it matters: The order, which was signed eight days after he took office, was an attempt to fulfill his campaign promise to "drain the swamp."

  • But with less than 12 hours left in office, Trump has now removed those limitations on his own aides.