
The S&P 500 Index performed a most spectacular “V” in the first half of 2020, first falling 33.9% through its March 23rd low, then rallying 38.6% through mid-year. This performance included the steepest plunge and the fastest rally in 90 years.[1] The wild ride left the market still down 8.4% from its February all-time high and down 4% from the beginning of the year. The index returned 20% in the second quarter. Stocks rallied, anticipating a treatment for COVID-19 and an economic recovery turbocharged by both fiscal and monetary stimulus.