The 2nd quarter saw significant gains across major asset classes. The S&P 500 index rallied over 20% to make up most of the loss from the first quarter. While economic indicators were pointing to high unemployment and a 30% annualized decline in GDP, markets were pricing in improved treatment and possible vaccines for the COVID virus. Most of the gain in the quarter came in April and May. By June, the virus was starting to pickup in the Sunbelt states and re-opening of the economy began to slow down.