The Bear Market Has Nearly Been Erased, Fewer Than 20 Months After It Began
- S&P 500 closer to erasing 2022’s loss after nine-month rally
- Gains in risky assets reflect growing optimism in soft landing
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It made sense at the time. Jerome Powell was waging war on inflation. The bond market was flashing dire warnings. Practically everyone saw a recession coming.
And yet fewer than 20 months after it began, the bear market that engulfed the S&P 500 is a mere 260 points from being completely erased. Rather than foretelling trouble, chart patterns tracking everything from cross-asset momentum to transportation companies are painting a picture of burgeoning economic vigor.