The stockmarket has changed its mood swiftly since March 23 when the S&P 500 dropped as much as 35% below its Feb. 19 peak.
NEW YORK: The U.S. stock market has rebounded swiftly despite a raft of terrible economic news, driven by a massive boost from the Federal Reserve, hopes of a successful reopening of the economy and possible coronavirus treatments, as well as investors' fear-of-missing-out. But not everyone is buying the bounce.
The S&P 500 closed on Friday at 2,874, more than 28% above its recent trough reached on March 23 and just under 18% below its record high close reached on Feb. 19. That rally has been spurred by the U.S. central bank going into overdrive to try to keep the economy from suffering lasting damage, as well as a $2.3 trillion federal stimulus package.
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