Abiding faith in the transitory nature and the economic impact of the coronavirus continues to push global equity averages higher. The MSCI All Country World Index climbed 1.1 percent last week, bringing its year-to-date gain to 2.3 percent, but more tellingly, it has risen 3.8 percent in the first two weeks of February despite the continued spread of the virus. The S&P 500® index climbed 1.6 percent last week, bringing its year-to-date gain to 4.6 percent, with 4.8 percent of that coming in February. It has been a similar story in Europe, despite abysmal fourth quarter economic data, especially industrial production and overall GDP. Even in China, the Shenzhen Composite index is higher by 14.1 percent since reopening on February 4 following the Lunar New Year holiday, while the Shanghai Composite is higher by 8.6 percent. Crude oil also rose last week, along with copper. Bond yields, in contrast, were unimpressed, as the yield on the ten-year Treasury was unchanged at 1.58 percent.