Our goal with this piece is to provide a recap and analysis of the major financial events that occurred in 2020, and to offer context for our market outlook.

The S&P 500 increased by +12.1% in the fourth quarter and ended the year up by +18.4%. The market reached a new all-time high on New Year’s Eve when the S&P closed at 3,756. We will continue to highlight that 2020 has been a roller-coaster year as the S&P 500 fell by nearly -34% from February 19th to March 23rd before increasing by over +70% since then. During the selloff, not many investors were predicting that the US equity market would finish positive for the year, let alone end up higher by double-digits and at a new all-time high. This is yet another example of the power of maintaining a long-term investment viewpoint.