across the U.S. The halo remained in place until the very end of 2021. At that point, exhausted from traipsing uphill for so long, the S&P ended its run at 4,766, more than double the 2,305 threshold in March 2020.
The market is not, however, in the habit of giving something for nothing, and the 100% gain might have been conditional on factors that were impossible to achieve. There were no policymakers with any experience in pandemics. That meant the likelihood that they would successfully design and execute the right-sized stimulus and bailout plans for citizens, companies and institutions, plus astutely manage the monetary strategy, was extremely low.
If the market expected continued growth – or at worst, a soft landing – the tremendous infusion of cash in people's pockets, combined with the Covid-ravaged supply chains, were destined to push prices to the moon. That inflation has triggered earthquake aftershocks. Unfortunately, those assumptions were too rosy for the market. Covid Revenge pulled stock prices back to Earth.On the week ending Sept.
The pain is deeply entrenched across global markets and is seeping into world economies. At its peak, the S&P was up 41% from the pre-Covid highs. Now, we are about 6% above that 3,380 level as of Sept. 30. How's that for revenge? Now, we need to find the bottom. There may be some signs that the switchblade is getting dull. Some of the worst performing names in the S&P over the last year and a half, such as
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