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Just One Milestone Left for S&P 500: Erasing the Pandemic Rout

  • S&P 500 is now positive in 2020 after dropping 34% in March
  • Broadening rally has investors questioning its staying power
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There Are Roadblocks Ahead for Stocks, Says Crossmark's Fernandez
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On the day record-keepers declared the U.S. is in recession, the S&P 500 powered past its level at the end of 2019, making whole anyone who has held stocks all year. Only one goal is left for the main benchmark for American equities: its record high from before the pandemic landed.

Just 53 days after bottoming with $10 trillion in value erased, the S&P turned green for 2020 after rallying for the ninth time in 11 sessions, capping a 47% rally since hitting an intraday low on March 23. Now, at 3,232, the index is less than 5% away from hitting a record high.