June 3, 2020 / Greg Iacurci
Great Depression-era levels of unemployment. An economy in downward spiral. More than 100,000 dead from a killer virus. Cities in flames amid widespread civil unrest.
And a stock market that marches ever higher.
The recent U.S. market turmoil from the coronavirus pandemic feels like eons ago.
The S&P 500 cratered 34% from its high in mid-February to its trough on March 23, the quickest decline of its kind in history.
Yet stocks rebounded with vigor, despite bleak economic news and protests spreading across the U.S. following the death of George Floyd, a black man, while being subdued by a white police officer.
As of Tuesday’s market close, the S&P 500 had swelled 38% from its bottom, within reach of fully erasing its recent losses. In fact, this has been the best 50-day rally in the history of the U.S. stock index.
