Stocks posted nice gains during March after 6 down months in a row. It’s about time isn’t it? We have not had a 5%+ up month for the S&P 500 since December 2003…a streak of 62 months. We were well overdue for a positive month.
- For March, the Nasdaq turned in a 10.9% gain – its best month since November 2002, when the last bear market bottomed.
- The S&P 500 rose 8.5% in March, the best monthly gain since October 2002.
- The Dow Jones Industrial Average was up 7.7% in March, it’s strongest monthly gain since October 2002.
- stocks still ended the first quarter with a loss.
- this is the sixth quarter in a row that stocks have ended with a loss.
- the market hit a new 12-year low on March 9th.
- investors still lack confidence and fear dominates the TV.
BUT, we just had the best month in more than six years! Perhaps this is the V-shaped recovery that Brian Wesbury forecasted. Check out this YTD chart for the Dow: