The S&P 500 ended only fractionally lower in April, marking a stunning recovery from deep early-April losses that culminated in a 11.7% upward swing from its April 8th low. Equities were again whipsawed after President Trump announced his highest level “reciprocal” trade tariffs on April 2, which he then subsequently suspended for 90-days on April 9 to allow affected nations to negotiate alternative trade deals. In additional relief, the Trump administration announced reciprocal tariff exemptions for imports of consumer electronics from China. At one point during the month, the S&P 500 had briefly slipped into bear market territory at the April 7 intra-day low, falling more than 20% from its February 19 record high. The broad market index ended April down 9.36% from its February peak.