APRIL EQUITY MARKETS
After a small rebound in March, stocks slid in April finishing the month on a low with a punishing last day of April:
LAST DAY OF APRIL MARKET DROP
- DJIA fell 939 points or -2.8%
- S&P 500 fell 156 points or -3.8%
- NASDAQ fell 537 points or -4.2%
The April moves put two major indexes into bear market territory (down more than 20% from highs). Both the tech-heavy NASDAQ index and the smaller cap Russell 2000 index dropped 23% from their recent highs. The 2022 correction has wiped out the strong double digit gains made in 2021 for both those indexes.
Volatility Index as measure by the Chicago Board of Exchange VIX showed increasing levels of anxiety as the month progressed.
We ended the month with a pretty pessimistic market assumptions which could give way to a relief rally on any news from the Fed, Ukraine, China or inflation that is better than expected.