(Bloomberg) -- Just three months ago the S&P 500 was ending its quickest ever bear market decline, with $10 trillion in value erased. Now, 53 trading days later, the benchmark has made almost all of it back, erasing all of its 2020 losses.
The benchmark index rose for the ninth time in 11 sessions on Monday, capping a 47% rally since hitting an intraday low for the past year on March 23.
“I don’t think even the most optimistic bullish bull could have anticipated this,” said David Sowerby, portfolio manager at Ancora Advisors in Cleveland. “The words that comes to mind are epic, monumental.”
