The stock market continues its impressive run. Beginning in March 2009, with what we will call a bear correction (a new term we are coining), through the first month of the COVID pandemic, the S&P 500 is on a twelve-year tear. Bad news is good news, good news is good news, and even no news is good news. The S&P is up 77.57% from its COVID low closing March 23rd of last year through March 31st of this year. That is an impressive run within an impressive run.
The Tandem Report
The broader U.S. equity and fixed income markets have managed to tread water since mid-April. Over the past six weeks, the S&P 500 has advanced 0.45%, while U.S. Treasuries, ranging from 2-year to 30-year maturities, have barely moved. Now that Q1 earnings season is largely behind us and additional fiscal stimulus talks have seemingly stalled, financial markets are able to take a much-needed breather.