Thursday, March 4, 2021
The S&P 500® Index climbed 2.76%
for the month of February, bringing its year-to-date return to 1.72%. From the
start of the month through February 12, the S&P 500® Index
climbed 6.01% on positive-trending developments surrounding COVID-19 paired
with growing prospects for additional fiscal stimulus. The strong equity market
rally was interrupted by increasing concerns surrounding the outlook for
inflation and rising interest rates, which led the S&P 500®
Index to decline 3.07% from February 12 through month-end.
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Wednesday, February 10, 2021
Despite new all-time highs for the S&P 500® Index in
January, the Cboe® Volatility Index (the VIX®) remained
above 20 throughout the month and extended its streak of consecutive business days
above 20 to 237. The last time the VIX® posted a daily closing value
below 20 was February 21, 2020. As the chart below shows, it is not uncommon
for the VIX® to remain elevated after extreme volatility spikes, but
the current streak stands out relative to other post-spike time periods.
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Tuesday, February 9, 2021
Despite advancing 2.73% from the start of the
year through January 25, the S&P 500® Index declined 1.01% for
the month. Growing concerns over the deteriorating prospects for a sizable
economic stimulus package paired with volatility caused by investor speculation
in stocks with high levels of short interest drove the S&P 500® Index
to a decline of 3.64% over the last four trading days of the month.
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