Stock market notches one of its fastest turnarounds in years

U.S. equities surged this week, with the S&P 500 completing an unusually rapid recovery from a near 9% pullback to a fresh all-time closing high. Barclays noted the round trip—from the pullback low to a new record—took just 54 trading days (the fastest since 2020), and the rebound from the trough to the new record was the quickest (~9% recoveries) since at least 1990 at only 11 trading days. The S&P 500 also crossed the 7,000 milestone. Tech leadership, driven by AI-related names and Taiwan Semiconductor’s strong earnings and upgraded 2026 outlook, powered the rally, while easing geopolitical concerns and a retreat in oil toward ~$97/bbl helped calm inflation fears. Resilient bank results (JPMorgan, Bank of America) and a softer PPI also supported risk appetite.