The financial toll of the COVID-19 pandemic is being felt by everyone, including young children. It’s natural to want to shield them from the hard reality we’re all going through. But this is a great opportunity to talk to your kids about money.
The last two weeks has seen more important developments related to the federal government’s response to the COVID-19 pandemic and its impact on the U.S. economy. Below is a summary of the most significant developments over this time period.
It was a grueling first quarter as sovereign nations, financial markets and economies across the globe grappled with the unprecedented public health crisis of COVID-19. Markets gyrated wildly as the S&P 500 descended from its late February highs into a bear market (a decline of at least 20%) in just 16 days, the fastest pace on record. The index recorded its 3rd worst single day drop ever on March 16th, followed by its 9th best day ever on March 24th. The first quarter of 2020 was the worst quarter in the S&P 500 since the final three months of 2008, when the index slumped -22.6%. In short, the first quarter of the year was a wild ride in almost every major asset class.