Much has changed since the major market averages recorded fresh highs in February of this year…much that is, except the level of those averages.

As stay-at-home restrictions eased across the country during the second quarter and consumers and businesses started to resume normal activities, equity prices quickly began discounting a recovery.

Markets rallied vigorously in the second quarter. The increase in risk sentiment was considerable. Positive stock performance was broad-based, with all sectors and regions benefitting.