Well, that was a day! A better-than-expected U.S. CPI (inflation) print kicked off the largest one-day rally the market has seen since the 2020 pandemic bear. S&P 500 +5.5%, NASDAQ +7.3%, TSX +3.3% ... hell, even bonds +2.9%. For the S&P 500, this was the 15th biggest one-day gain measuring back to 1950. What makes it more impressive is most big days for the market come right after a terribly painful few days. For instance, in October ’87, there was a +9% day, but the market was down 21% over the previous few days, which was kind of bittersweet. The list of these kinds of bounces is long. Yesterday, the market was down over the previous few sessions but only a bit. Anyhoo, it was a great day to be an investor in the markets and not in cash or GICs.

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