Coming and Going Like a Wildfire
Second quarter 2020 came and went like a California wildfire. The economic devastation caused by the government lock-downs was swift, the destruction immense, and the damage lasting. But, nonetheless, in Q2, the major U.S. stock market indices rallied at a record pace.
The Nasdaq 100 (NDX), daily – the strongest of the major US stock indexes. Since its 2019 low it has roughly doubled. Needless to say, neither the economy nor corporate profits are twice as good as they were in 2019. [PT]
The Dow booked its best quarter in 33 years. The S&P 500 posted its best performance since 1998. And the NASDAQ had its biggest increase since 1999… jumping 38.85 percent in just three months.
The economy, on the