Market Update – March 20, 2020
It was only 30 days ago that markets were hitting all-time highs. On February 19th the S&P 500 posted a record close of 3386 and the U.S. equity markets were downplaying any real threat by the COVID-19 situation in China. However, that quickly changed, which led to the fastest market correction (decrease of 10% from recent all-time highs) anyone has witnessed. Now, as of Thursday’s close, the S&P 500 is down 28.5% and we find ourselves in the midst of a bear market (20%+ decrease from all-time highs).