From its February 19, 2020, intraday high at 3393.52, the S&P 500 fell to a 2191.86 intraday low on March 23, 2020, and then 182 calendar days later set a new intraday peak at 3399.54.

This peak-to-trough-to-peak round trip was the third shortest of any bear market since 1950. In the midst of an economy beset by continuing virus–related issues, investors naturally wonder what might be next.

The recent 33.9% drop in the S&P 500 compares to the 34.22% average decline for the 11 bear markets since 1950. Only two of the previous 10 bear market recoveries to new highs occurred in a shorter period. The 149-day rally from the bear market low to a new high is particularly notable in the context that the average recovery time for the 10 previous bear markets was 759 calendar days.

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