US equities, as measured by the S&P 500 index, advanced nearly 1% last week heading into Memorial Day weekend. Investors continue to grow optimistic regarding the potential for a COVID-19 vaccine as well as the resumption in economic activity as stay-at-home orders and business closures are relaxed. Despite the unprecedented decline in the US economy that is still unfolding, the S&P 500 index is only down 8% for the year and 13% from its all-time closing high of 3,386 set on February 19.

US equity markets declined slightly more than 2% last week as investors monitor the gradual process for individual states to reopen their economies.  The S&P 500 index has trended sideways for the last month, remaining rangebound between approximately 2,800 and 2,900 after advancing roughly 30% through April 17 from the recent low marked on March 23. 

US equity markets advanced more than 3% last week as investors eyed signs of hope that the recession caused by the COVID-19 virus may be short-lived. Despite a dismal April employment report and large year-over-year declines in first quarter corporate earnings, signs of new treatments for the virus and plans for reopening businesses buoyed market sentiment.