Neighbor News
Looking Forward to Summer
As the world opens up after the pandemic, many look forward to a joyous summer but this shouldn't mean complacency in the financial markets.
June 2021
A look at the recent past
The pandemic from COVID-19 was historic in many ways. With over 164 million cases worldwide and over 32 million in the US alone, the numbers are staggering. Now vaccination rates around the world are increasing and economies are opening. Mask mandates are being lifted and life appears to be slowly returning to normal.
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The pandemic had a significant and ongoing impact on both the economy and the equity markets. By late March 2020, the S&P 500 had fallen 34% in just six weeks. The economy entered a recession, and many Americans lost their jobs. For the full year of 2020, the US Gross Domestic Product (GDP) decreased by 3.5% nationally and decreased in all 50 states plus the District of Columbia as shown in Figure 1 below. Thankfully, much has changed. In the first quarter of 2021, the economy grew at an annualized rate of 6.4% nationally .
Figure 1: GDP Change by State, 2020
