Discuss which factors had caused the U.S. stock market to reach new heights in February 2020 before falling sharply due to the emergence of the COVID-19 pandemic.
First and foremost was strong economic performance during 2019, with gross domestic product (GDP) growing by 2.3%, unemployment falling below 4% for the first time in decades, consumer spending at an all-time high, and inflation being kept under control (Donahue & Ebeling, 2020). This impressive performance led investors to have more confidence in the stability of U.S stocks and drove up prices considerably as good news continued coming out throughout 2019 and into early 2020(Donahue & Ebeling, 2020).
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