Despite the grim news about the economy and COVID 19, .the S&P 500 had its its sharpest rise since 1987, gaining 12.7% in April,
After 3.8 million U.S. workers filed unemployment claims last week, 30 million more Americans in a period of six-week applied for weekly unemployment benefits, consumer spending collapsed, and even as it became clear that the crisis of COVID 19 is pushing the U.S into a dire economic downturn, the S&P 500 had its BEST MONTH since January 1987 gaining nearly 13% this month.
TODAY: Even if stocks and the S&P fell -0.92% on today (Thursday Apr. 30th), giving up some of their gains from the days before, it was a small retreat for S&P in an otherwise very strong month for Wall Street.
The 12.7% gain this month means the S&P 500 is now up roughly 30 percent from its March 23 low. It’s a rally that has surprised even the most ardent bulls.
All 11 S&P 500 sectors gained during April. The S&P 500 jumped exactly 12.7% this month with 29 stocks only in the S&P 500 fell in April.
Stocks in the S&P 500, led by tech Apple (AAPL), Amazon (AMZN), and Microsoft (MSFT), put $2.9 trillion back into investors’ pockets ONLY in April. And take into consideration that, that’s just below the roughly $3 trillion of the stimulus packet from the Federal government.
Reporting from “Investor’s Business Daily“, Nigel Green, chief executive of finance advisor deVere Group said today:
“Investor optimism is being reinforced by reports of major progress in the effort to develop coronavirus treatments… Investors are also encouraged as central banks continue to roll out and further enhance their stimulus packages, and as crippling lockdown restrictions around the world begin to ease to revive economies.”
Sources: – Investor’s Business Daily – NYT – CBS News – NY FAMA
Cover Photo by S&P 500
By Alex Ammohostianos
