The following is an excerpt from our May monthly market commentary.
Marco Fragnito | Robert R. Fragnito
Last Friday’s end-of-day turnaround rally possibly revealed where investors think the war in Ukraine is headed. What does this mean for the Market going forward?
At the end of February, investors were forced to become geopolitical experts overnight when Russia invaded Ukraine. After three months of fighting, Moscow declared victory on Friday, May 20 over the Azovstal steel plant in Mariupol. As the news of the surrender hit the tape, U.S. equities staged a sudden rally in the last hour of trading.