As tumultuous as the first quarter of 2020 was, the second quarter was almost a perfect mirror image. Many asset classes recovered to end the first half of the year at levels that show no signs of a bear market, let alone a global economic shutdown. For the quarter, the S&P 500 gained 21% while the tech-heavy NASDAQ increased by 31%. This leaves the S&P 500 down 3% for the year while the NASDAQ is higher by 12%! High-yield bonds finished the quarter by gaining 10% and are down just 4% in 2020.