What a difference three months can make. At the end of 2018, investors were racing for the exits as stock indexes around the world plummeted. Three months later, the S&P 500 index booked its best quarterly performance since the 3rd quarter of 2009.
The 1st quarter of 2018 was notable for the return of volatility in the stock market. After an incredibly long period of tranquility, large daily gyrations were a common occurrence in February and March. The long-awaited correction finally arrived, meaning a pullback in stocks of over 10% from previous highs.
I couldn’t help but to think of the Sonny and Cher classic “The Beat Goes On” last week as I booted up my workstation for the umpteenth time this year to find stocks up to start the day. More often than not, they have finished the day higher as well, with new highs being a regular occurrence of late.