U.S stocks seesawed on Wednesday, digesting the beforehand session’s huge bounce back, with owners bruised as a bright side about an approximate $2 trillion coronavirus pandemic package was compensated by concerned about the lasting economic results from the pandemic.

US stocks seesawed

The S and P 500.SPX was up 1.18%, and yields on U.S. treasury stock market US10YT=RR US2YT=RR were mainly off as stock markets awaited for senators to vote on a $2 trillion bipartite package of legislation to lighten up the wrecking economic deflation of the coronavirus crisis, hoping it will become law rapidly.

The senstion was due to covenant at noon EDT (1600 GMT), though the timing of the vote was not proper. The House of Representatives is expected to follow soon after. President Donald Trump supports the measure, the White House said and has talked about reopening U.S. businesses by Easter on April 12.

On the impulse of taxation, this is significant progress, but the devil’s also in the details. We still don’t have the legislation to read for particulars in how it will be bought into action and carried out. There are some concerns about how long it will take for money to come back at the households, how long will it take for small businesses to access funding.

This is not the all-clear; it’s just material inflation. Until we know we can go back to work safely and that we can go to restaurants and go to stores and actually engage and communicate with other humans in close proximity, with the elimination of social distancing, I don’t think you can make an economic call or a market call. It’s way too early to be trying to call and trying to use past crisis and looking at valuation levels. At the same time, it can be informative, and there aren’t any equivalents historically to use, given that we don’t know how long or extensive these shutdowns downs might be. We also don’t know how globally the pandemic is spreaded, how worse the impact will be on the economy.

We’re trying to figure out what unemployment claims might be this week, and we’re coming up with a number that could be over 2.5 million and perhaps as high as 3.5 million. Last week it was 282,000. When you think about those kinds of numbers and that kind of magnitude of inflation in unemployment and shock to the system, it’s way too early to be trying to call a bottom or stay tuned how much further the market could go down.”

The market would like to see that bill get passed and put that behind them. I think the market may be a little disturbed that this is still not done yet. And until it’s signed by the House and agreed to by all three parties, there’s still some incertitude. Owners would like to see the bills committed, done, and put into action.”

“In the short term, the market still going to stay very smooth and simple until one of three things happens – either the number of deaths and the number of new infections in the U.S, peak, until there is some kind of an antidote or vaccine developed or until the U.S. economy begins to function.”

“Investors are also having an adamant time figuring out what bottom line incomes and revenues are for the U.S. economy right now. It’s been tough for investors right now to predict corporate gains. When that occurs on the market, it’s going to have a higher degree of essential functioning.”

“There’s been significant technical dismissal done to the market. I don’t think the market is going to buck up itself rapidly totally. It was a straight move down, but we don’t expect it to be a straight move up. It’s going to take a lot of time.”

“What’s remarkable in this particular pandemic, compared to 2008 or to the previous crisis, is the reply by the policy because the speed with which they’ve modified existing programs and introduced new ones is completely unprecedented. Clearly, authorities have learned from the 2008 global economic crisis.”