April has come with historic volatility in the stock market, with stomach-churning losses followed by breathtaking gains.
While historic, this pattern in the price swings is not unprecedented.
“Volatility tends to cluster,” Truist’s Keith Lerner wrote. “The biggest down days tend to be followed by the biggest up days and this pattern once again is playing out.”
Consider this chart of historical two-day returns in the S&P 500. Notice anything remarkable?
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