The US economy almost certainly entered a recession in March 2020 as a result of the lockdowns and business closures to contain the COVID-19 pandemic…
The rally continued as the S&P 500 Index closed out May on the positive side. The disconnect between stocks and the economy generated widespread concern among some investors.
At the beginning of the first quarter corporate earnings reporting season, we noted the earnings bar probably wasn’t set low enough, given the abruptness of the shutdowns in March.
Stocks may have been due for a pullback after gains in late March through April and could potentially have further to fall.
As May began, investors continued to try to reconcile the strong rebound in stocks with the devastating economic damage from COVID-19.
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