We're not even halfway through 2020 yet, and there's little question in my mind we'll be talking about it for a generation to come. In a span of 33 calendar days, beginning on Feb. 19, panic and uncertainty surrounding the coronavirus disease (COVID-19) pandemic sent the benchmark S&P 500 down by 34%. This was the fastest descent from an all-time high in the stock market's history, and it triggered the highest volatility reading ever on the CBOE Volatility Index.
Yet, over the subsequent 10 weeks, the S&P 500 has rallied 40%, and now has its old highs at least within sight. Investors have seemingly experienced a decade's worth of volatility in a span of 3.5 months.
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