Always look on the bright side of life. Equity investors must have been humming the Monty Python classic last month. In the 14 trading days to March 27th, the s&p 500 index jumped 21%, the steepest rally since 1938.rnBut while stockmarkets were celebrating, the corporate-bond market saw 35 defaults, the largest number of non-payers in a single month since the Depression, according to Moody's. The default rate is now 7%, up from 1.5% a year ago, and the rating agency predicts that it will reach 14.6% by the fourth quarter.
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