The S&P 500 index recorded its best 12-months of performance in the history of the index’s publication on Tuesday, a gain of 74.78%, following its spectacular bear-market plunge a year ago.
While the S&P 500 SPX, -0.55% closed modestly lower Tuesday, its overall climb during the pandemic adds up to the largest 12-month gain for the index since it began being published in 1957, according to Tim Edwards, managing director of index investment strategy at S&P Global, which owns the Dow Jones Indices.
But beyond the first anniversary of the U.S. stock-market lows hit during the onset of the coronavirus pandemic last year, the S&P 500 also could be poised for second banner year of gains.
“After falling nearly 34%, it took only five months for the S&P 500 to recover its losses,” wrote Ryan Detrick, chief market strategist at LPL Financial in a Monday note, referring to S&P 500’s plunge to a March 23, 2020 low from its prior Feb. 19, 2020 peak. Read more…..
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Michael Howell, CEO of Crossborder Capital, discusses the near-term outlook for financial markets.