The shortest bear market in U.S. history is over. The S&P 500 closed Tuesday's session at a record high of 3,389.78, a 50% gain from its March 23 low.
"The whole chapter, from peak to peak, spanned just 126 trading days and marks the index’s fastest-ever recovery from a bear market," according to The Wall Street Journal.
The index previously closed at a record high of 3,386.15 on Feb. 19 before the coronavirus pandemic overtook Wall Street and the U.S. economy.
"With countless businesses closed and tens of millions out of work, the economy contracted at a record 32.9% pace in the second quarter," according to NPR. "After soaring to 14.7% in April, unemployment fell to a still-high 10.2% last month."
The record high comes with a cautionary note.
"But I would argue the market here is very vulnerable to some type of bad news," said Andrew Slimmon, managing director at Morgan Stanley Investment Management. "You look at the type of stocks that have worked, and they’re the higher-risk, higher beta plays."
The Dow Jones Industrial Average closed Tuesday at 27,778.07, still below its February peak. The Nasdaq has made new record highs for several weeks and closed at another new high of 11,210.84.
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