In some ways it feels like it has been several years since the pandemic began and since the market was free falling. The reality though is just over one year ago, the S&P 500 index closed at a low point of 2,237 on March 23rd, 2020.
Since that date, the index has risen approximately 80% to close at over 4,000 on April 1st, 2021. The index is now over 18% higher than the previous high point of 3,386 on February 19th, 2020, just before the market started to feel the effects of the pandemic.
Some other interesting data points:
- US home prices, as measured by the S&P CoreLogic Case-Shiller Home Price Index, rose 11.2% year over year in January. That's the biggest year-over-year gain since February 2006, when the US housing market was beginning to peak in advance of the global financial crisis.1
- S&P 500 earnings are expected to rise 23% compared with the first quarter of 2020, according to FactSet Research. Earnings season for Q1 kicks off in about two weeks.1
1. Fortune.com, March 29, 2021