March 31st saw the end of the first quarter of 2020 and it couldn’t come too soon for most investors. It is now hard to believe that the U.S. equity markets reached new highs in February when the COVID-19 epidemic was already raging in China. The Chinese authorities locked down Wuhan, the epicenter of the COVID-19 outbreak, on January 23rd and the peak of the S&P 500 was February 19th, almost a month later. As the table below shows, the S&P 500 increased 4.8% and the TSX increased 5.2% from December 31st, 2019 to their peaks on February 19th.
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Canso April 2020 Market Observer
