This has been a history-making year in more ways than one. The unprecedented coronavirus pandemic initially clobbered equities and sent them into a first-quarter tailspin. The 34% the benchmark S&P 500 lost in under five weeks represents the quickest bear market decline of at least 30% in history.
Following this historic plunge, investors saw the S&P 500 recoup everything that was initially lost (and then some) in a roughly five-month rally. This marked the quickest recovery on record from a bear market bottom to fresh highs.
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Now history appears to be repeating itself. You see, over the past eight bear markets dating back to 1960, there have been a grand total of 13 corrections ranging between 10% and 19.9% within three years. This is to say that bear market bounces don’t simply go straight up. Every bounce inevitably leads to one or two sizable corrections.
Marine archaeologists have located the wreck of a Danish warship defeated at sea approximately 376 years ago, reports the German Press Agency (DPA).
Per a statement from the Viking Ship Museum in Roskilde, the Delmenhorst sank during the Battle of Fehmarn, an October 1644 maritime clash between Christian IV’s Danish forces and a joint Swedish-Dutch fleet.
Researchers using multibeam sonar spotted the Delmenhorst’s remains while surveying the Fehmarn Belt, a strait in the western part of the Baltic Sea, ahead of construction of a planned underwater tunnel connecting northern Germany to the Danish island of Lolland. The wreck had come to rest just 500 feet from Lolland’s southern shore, at a depth of some 11.5 feet.
A decisive victory for the Swedes, the Battle of Fehmarn—and the Danes’ loss of the broader Torstenson War—signaled