The stock market is good, bad, and ugly, in quick succession

Do you remember the best day in the US stock market in the last 16 years?

- Jeff Sommer

I didn't, even though it occurred just a few months ago. I had forgotten that the US stock market rose nearly 10 percent on April 9—a magnificent gain that I discounted at the time because it happened in the middle of the wild stock swings caused by the on-again, off-again Trump tariff announcements.

April 9, as it turns out, ranked third among all of the best one-day returns in the US market over the last 50 years. The market rallied after President Donald Trump abruptly announced that he would back down on many of his tariffs for 90 days, but it fell again sharply the next day, when it became clear that many tariffs, especially those on China, would still be extremely high.

The market has been sizzling lately, with a renewed frenzy for so-called meme stocks—securities whose rise has little to do with intrinsic value and much to do with social media influencers. Now the hot stocks are called "Dorks"—an acronym for Krispy Kreme (whose stock ticker is DNUT), Opendoor, Rocket Cos, and Kohl's. Before getting too excited, remember that the last meme stock boom, in 2021, ended in a crash.

This year's fabulous April 9 rally came after a horrendous decline—a drop of about 19 percent that included a two-day loss of more than 10 percent in the S&P 500 on April 3 and 4.

THE OTHER BEST DAYS