Monday, July 6, 2020
The S&P 500® Index returned 20.54% in the second quarter, bringing its year-to-date return to -3.08%. The strong advance was driven by macroeconomic data that was starkly negative, but better than expected, as individual states began to roll back some COVID-19 mitigation efforts.
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Tuesday, June 30, 2020
Does the equity market's strong rally from its low point in March 2020 signal that the worst of the economic damage and equity market carnage wrought by COVID-19 pandemic are over? Not necessarily.
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Friday, June 5, 2020
The S&P 500® Index has climbed over 35% from its 2020 low on March 23 and, as of May 29, was less than 10% below its February 19 all-time high. However, the robust - yet partial - market recovery may put investors in riskier circumstances than they faced earlier in the year. As the equity market has trended up, estimates of future corporate earnings (as measured by 2021 estimated earnings per share (EPS), have trended down. As a result, equity market valuation, as measured by price-to-earnings (P/E) ratio, is higher at the end of May than earlier in the year, prior to the market’s peak and subsequent plunge.
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