After early this year building on the spectacular gains posted in 2019, a nearly perfect storm of bad news decimated the equity market. In 34 days from its February 19, 2020, high to the March 23 intraday low, the S&P 500 fell 35.4%. All 11 S&P 500 sectors were swept sharply lower. Seven months later, however, circumstances are much different.
In record-setting speed, the S&P 500 recovered its entire loss, and by September 2, 2020, set a new all-time high 5.7% above the previous all-time high. All 11 sectors bounced off the March 23 market low, but as the chart below shows, some did so much more aggressively than others.
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