In light of the pandemic, no one is embracing the stock market’s daily gyrations with particular confidence. Nevertheless, the seemingly surprising gains during the month of April, in which the U.S. stock market, as measured by the S&P 500, rose by more than 12%, provided some reassurance to investors. Yes, with 33 million Americans out of work, entirely at odds with the radically more optimistic expectations of just a few months prior, the stock market turned in its best month since 1987.1 The market is still down by modest double digit amounts for the year, but as of this writing losses in the U.S. were closer to 10% than the ~30% range investors were absorbing little more than 6 weeks ago.

For charts referenced: https://www.bosinvest.com/blog/spring-2020/hope-springs-eternal/