After the leap came the run. Stocks furthered a surge from the March trough, at one point gaining enough ground (in the States, at least), to turn green for the year. But the recovery in stocks was hobbled by the reality of a virus that very quickly took advantage of loosening restrictions on public gatherings. With cases spiking anew, reversals of efforts to open up the economy tempered investor enthusiasm for risk. Only somewhat, though. Though the stock recovery has stalled as a fuller macroeconomic revival seems more distant, the world seems mostly to have moved away from denial toward acceptance of the facts related to the pandemic. Those barriers to more effective strategies for addressing the outbreak now more limited, we continue to believe that the world will further progress toward overcoming the crisis, with investable markets likely responding positively to the incremental improvements.