ACG’s Capital Markets Review

U.S. equities ended the month of May essentially unchanged. The final tally, however, masked a great deal of intra-month volatility. The S&P 500 initially fell an additional 8% vs. the prior month end and hit an intra-day low on May 20th that stood (at least for a few minutes) just below the bear market threshold of a 20% peak-to-trough loss. At that point, the market rallied sharply over the next few sessions to close the month nearly flat.