The S+P 500 stock index hit All-Time Highs in February 2020 but tumbled ~35% within the next five weeks as the virus contagion shattered investor confidence. Central banks and governments launched unprecedented monetary and fiscal stimulus to counteract the effects of the virus, and the S+P roared back from the March lows to make new All-Time highs by August.
For the next ten weeks, the index drifted sideways, correcting ~10%, and then in early November, Biden was elected, Pfizer announced a vaccine, and the market rally resumed with a vengeance. At the end of April 2021, the S+P and the DJIA are up ~90% from last year’s panic lows, the Nasdaq is up ~112%, and the small-cap Russell is up ~140%.
