U.S. stocks trimmed gains on the last trading day in April, yet the S&P 500 still posted its strongest monthly gain since November. Equities had back-peddled during the final April session amid cautious month-end rebalancing, even as economic data continued to point toward an accelerating recovery. While historically the S&P 500 has had stronger monthly performance, never has the breadth been so widespread. During 18 of the 22 trading days in April, at least 95% of the index’s members were above their 200-day moving averages.
- The market-cap-weighted S&P 500 climbed 11.84% YTD. In contrast, the S&P Equal Weight 500 Index advanced 16.76% YTD, its third-strongest four-month start to any year since 1990.
- The tech-heavy Nasdaq Composite rose a fourth month, up 5.43% in April and is up 8.55% YTD.
- The Dow Industrials gained the least among the three major U.S. indices, climbing 893 points in April and returning 2.78%. The Dow is up 11.30% YTD.
- The 10-year Treasury yield fell 0.117% in April to 1.633%, the largest one-month decline since July. The pullback ended a four-month string of rising yields.
- Among major asset classes since the March 23, 2020 bear market low, the S&P 500 has risen 90.3%, the Bloomberg Barclays U.S. Aggregate Bond Index gained 3.6%, and the Bloomberg Commodities Index has climbed 45.7%.
The Monthly Recap is published by Cetera Investment Management LLC, an SEC registered adviser owned by Cetera Financial Group. Cetera Investment Management provides market perspectives, portfolio guidance, model management, and other investment advice to its affiliated broker-dealers, dually registered broker-dealers and registered investment advisers.
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