20200511M Santa Cruz, CA: On the 27th of December, I attended my cousin’s wedding in Texas. I didn’t realize that wedding ceremonies like this would be a rarity in 2020.
The stock market also hit a high for the year on this date. I found this article and headline by Ben Levisohn of barrons.com to be appropriate looking back:
Some quotes from this article:
The market will probably have a hard time living up to 2019. The Dow Jones Industrial Average has risen 23% in 2019 after gaining 190.17 points, or 0.7%, to 28,645.26, this past week, while the S&P 500 index has gained 29% after rising 0.6%, to 3240.02, and the Nasdaq Composite has climbed 36% after finishing the week up 0.9%, at 9006.62. The S&P 500 and the Dow both closed the week at all-time highs.
For reference, today – May 11th – the DOW closed at 24,221.99, the S&P 500 index closed at 2930.19, and the Nasdaq closed at 9192.34.
As the market attempts to perform a V recovery as Trump wishes, these final thoughts of this article are worth noting:
All that’s missing is what could go wrong. We have a few things: The trade war between the U.S. and China could heat up again. Europe could become President Donald Trump’s next trade target. Inflation could heat up and cause the Fed to start thinking about raising rates again. And the economic acceleration the market appears to be expecting might simply fail to show up.
Everyone else may be looking at the bright side. We have our doubts.