Despite the coronavirus crisis that spurred lockdowns on business across the United States, April was the best month for the stock market since January 1987 and the best April since 1938. The S&P 500 skyrocketed 13% in April; CNN reported, “The S&P 500 now trades at 21.7 times projected earnings, the loftiest level since May 2002, according to Refinitiv.”
April was the best month for the Nasdaq since June 2000. Mark Haefele, chief investment officer at UBS Global Wealth Management, stated, “Over recent weeks, a path to our upside scenario, in which we see a sustained return to normality from June, has emerged,” pointing out that a “sustainable end to lockdowns” could spark a rise to the economic output prior to the coronavirus crisis.
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