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The S&P 500 hit its coronavirus bottom precisely six months ago. A historic rebound later, Wall Street has turned increasingly discouraged about the rest of 2020.
Earlier this year at the height of the coronavirus crisis, stocks suffered a sudden and swift sell-off that sent the S&P 500 spiral into the fastest bear market in history. The broad equity benchmark eventually hit a trough at 2,191.86 on March 23. Since then, the market embarked on a ferocious comeback rally, led by the biggest technology companies that proved resiliant to the pandemic.
The S&P 500 now stands 51% above the March bottom after a recent pullback that dragged the benchmark 7% down from its new record high from Sept. 2. For the year, the S&P 500 is up 2.7%.
After the market's incredible round trip, Wall Street strategists seem pessimistic about where stocks are headed for the rest of the year, given how much uncertainty on the horizon surrounding the pandemic as well as the U.S. presidential election.