Update for May 2020
Financial Market Update
Last month stocks delivered their best monthly return since 1987 with the S&P 500 rising 13%. Stocks have built on these gains marginally in May, pushing the index up 34% from its March low and down less than 9% for the year. Keep in mind this comes on the heels of a 31.5% return in 2019. So, is it safe to say the longest bull market in history has officially been followed by the shortest bear market in history, and we are once again off to the races? Maybe, but ultimately only time will tell.
The recovery is no doubt breathtaking, even to those with the poise to have bought shares when the days looked the darkest. Never before have we seen an economic catastrophe of this magnitude – nor the scale of government intervention – in such a short period of time to stem the Covid-19 impact on the U.S. economy. While these past two months have been truly extraordinary, in many ways, from a financial market’s perspective, what we just went through is not unprecedented.
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