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S&P 500 stuck at 3,000

The stock market bottomed on March 23rd and had a strong April to break the bear market downtrend. May has been more difficult for the market and the S&P500 appears stuck trying to break through 3,000.

Growth stocks have led the rally higher. In fact, the majority of the move up can be accounted for by strong performances in the FAANG stocks and a few others. The Covid-19 remote work, shelter in place economy plays directly into the tech stocks thesis due to their leadership in cloud computing, internet shopping and making it easier to work from home. Value stocks have recovered some, but are still far from their highs and many good companies still trade at a low price. It’s best to be picky if you buy, as these are scary economic times. Call me and we can discuss your situation.

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