AHEAD: TOPIC A IS THE WORST OVER FOR STOCKS?

Even if it isn’t, investors who wait for the market bottom may well miss it.

- ANNE KATES SMITH

THE BULL MARKET WAS THE longest in history; its collapse into bear market status was ac­ complished in a record 23 trading sessions. Since the low on March 23 that lopped 34% off Standard & Poor’s 500­stock index, stocks have bounced back an incredible 29% in just 18 trading days, also unprece­ dented in modern stock market history. “Surprisingly,” notes Goldman Sachs chief strategist David Kostin, “the largest shock to the global economy in 90 years” has left the S&P 500, which closed at 2875 on April 17, just 15% shy of the record high set in mid February. Not surprisingly, investors are asking: Is that it for the bear?

We’ll only know in hindsight. In mid April, the death toll from COVID-19 continued to mount, post-pandemic unemployment claims passed 26 million, and volatile oil prices roiled the market, raising questions about whether the economy was in even worse shape than it seemed. But hopeful signs also emerged. Boeing Co. announced it would resume production of commercial jets in Washington state. Johnson & Johnson, Procter & Gamble and Costco Wholesale bucked the recent trend of dividend cuts and suspensions by raising their payouts. Countries in Europe began to relax travel restrictions and business closures, and as the rise of new infections started to slow here, states began to unveil their plans for restarting the U.S. economy.