It has now been a little over a year since the first COVID-19 restrictions and lockdowns were implemented in the United States, with California having implemented the first stay-at-home order on March 19, 2020. LPL Research can now use high-frequency data to compare where we are now to the early days of the pandemic.

“Much of the real-time data is showing huge improvements from where we were a year ago as U.S. consumers are venturing back out to restaurants, theaters and airports,” said LPL Financial Equity Strategist Jeff Buchbinder.” While most data is still well below pre-pandemic levels, the mostly successfu

While most market participants have been (rightly) focusing on the sell-off in the Treasury markets this year, U.S. corporate credit markets have sold off as well. Corporate credit markets, as defined by the Bloomberg Barclays U.S. Corporate index, are down over 5% for the year, which is on pace for the second worst start of a year since 1980. While the negative price performance has been meaningful this year, we don’t think it is a harbinger of things to come.

To take advantage of low interest rates, shore up balance sheets and extend maturities, corporate CFOs issued a record amount of debt last year. By doing so though,

The bear market ended one year ago this week, finishing one of the fastest and most vicious bear markets of all-time—one that led to a drawdown of 34%. Things have come full circle now, as stocks have staged a furious rally, with new highs happening across the globe as the economy recovers at a record pace.  We take a look back at what happened last March, while also examining how previous bull markets did during the second year of their existence.

A Look Back

Although we aren’t sure we want to, let’s take a look back at the bear market and try to put in perspective just how historic and devastating i

With the NCAA college basketball tournament getting underway this week, LPL Research is getting in the spirit with its own version of March Madness. Here we share our “Final Four Factors” for the stock market in 2021: Vaccines, Policy, Profits, and Rates. While we see several strong competitors in this field, we believe the likely winner of this tournament is clear, and it will push stocks higher over the balance of the year.

Factor #1: Vaccines

Perhaps the most important factor in assessing economic growth prospects

The distribution of COVID-19 vaccines is bringing us closer to a ful