One month ago today the S&P 500 Index bottomed after a vicious bear market. Was this the ultimate bottom? We’ll have to wait and see, but what we do know is the rally we’ve seen over the past month is nearly as historic as the drop coming into it was.
“We recently had the best 20-day rally for the S&P 500 since March 2009 and one of the best ever,” explained LPL Financial Senior Market Strategist Ryan Detrick. “Looking back at the previous best 20-day rallies, one thing is consistent: very strong returns going out a year.”