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A Year on From the Covid Crash, Here’s Where the Market Stands

  • Recovery has been uneven for stocks in Europe, Asia and U.S.
  • Valuations in all three regions are above pre-pandemic levels
RF stocks markets
Photographer: dowell/Moment Open

A year after the coronavirus outbreak triggered a global stock market plunge, investors are weighing how much longer the recovery rally can last after a flood of stimulus pushed valuations above their pre-pandemic levels.

When the selloff started Feb. 20, optimists said it would be short-lived and largely contained to Asia. Come March, coronavirus was raging around the globe and stocks were in a bear market as investors panic-sold everything they could. A rebound fueled by unprecedented fiscal and monetary efforts has pushed global indexes back up, though economies remain fragile and life in many places is on hold amid a slower-than-expected vaccine rollout.