The year 2022 was agonising for US stocks. Not only did they fall excruciatingly far, with a 20 per cent retreat in the S&P 500 over the 12 months. But they also dropped in a relentless way.
There was never any capitulation, the cleansing fire of panic selling that makes room for the next rally. Instead, stocks clip-clopped down 1 to 2 per cent at a time — it was orderly but painful.
Now we are seeing the same process in reverse. In 2023, stocks are up 20 per cent, all but erasing the past year’s losses and coming close to the S&P’s pandemic summit.
您已閱讀5%（555字），剩余95%（9803字）包含更多重要信息，訂閱以繼續探索完整內容，并享受更多專屬服務。