2nd Quarter Market Commentary
It has been a difficult two months for investors. But there is reason to hope, and we have a plan in place. First, let’s discuss where we are, how we got here, and what to expect next.
Since the February 19th peak, the S&P 500 Index fell 34% to its most recent low. While that’s roughly in line with the average bear market pullback, the rapid decline in the major indices is unsettling. The 34% drop occurred in just over one month, which is unprecedented.
But that shouldn’t be too surprising. What we are seeing in the economy is unprecedented, too. There is an enormous amount of uncertainty. Many industries that require person-to-person interactions are shut down, and the companies that remain open have far less traffic. (more…)