Optimism about the gradual reopening of the US economy drove equities to their second week in a row of gains; at one point the S&P 500 even moved within 10% of its all-time high. Economic data last week was not as terrible as had been feared and investors seem to be motivated not only by the lifting of restrictions on gatherings and the limited resumption of retail and restaurant activity but also by a fear of missing out on the rally. The tech-heavy Nasdaq is solidly positive on the year and the S&P 500 recorded its best two-month performance since 2009 (April +12.8%, May +4.8%). Markets were closed last Monday in observance of Memorial Day.