By: Zeru Peter Li
When the market-closing bell rang on August 24th, 2020, the United States stock market has broken another historical record of new highs. The market closed with the Standards and Poors 500 Index at another record high of 3431 points. The Dow Jones Index at 28308 points. This pumped the market even more after already breaking its February 2020 record highs on August 17.
Prior to the Coronavirus pandemic in the United States, the market had been rallying to what was known as an uncertain point. On February 19, 2020, the S&P 500 index broke its historical new highs record. However, in less than a month, the market crumbled down more than 35%. The bubble built upon poker cards finally collapsed, bringing down the market so much that it was very comparable with the 2008 financial crisis.
However, to most people’s surprise, ever since mid-March, the market has been booming. On August 17th, in about just 5 months, the market recovered all of its losses from the COVID-19 pandemic. The S&P 500 boomed more than 54%, with tech leading the market’s way. Ever since then, the market continues to rise up with companies like Apple and Microsoft carrying the whole market.
Many renowned analysts suggest that the market’s future is really unclear right now. The market is currently in an uncharted region. Some conservative stock advisors even told individual stockholders to sell and take profit before we get to another March-crisis. However, there is really no way to tell what’s awaiting the stock market. The November election just makes it even harder to guess what the market would look like.