by Wolf Richter
Even in the US.
The global stock market rally since mid-February has allowed stocks to recover at a blistering pace, or so it seems. And you’d think from all the hype that the bear-market episode is behind us.
By Friday afternoon, the Dow was just 4.6% below its all-time high, set a year ago, and the S&P 500 only 3.9%. On Friday, the S&P 500 edged back into the green year-to-date, while the Dow remains in the red. The Nasdaq is still down 8.8% from its high a year ago. But those were the cleanest dirty shirts of the major global indices.