NEW YORK ( TheStreet) -- When stocks were sinking week after week right up until mid-June, plenty of comparisons were being made to how 2010 played out with a deep spring-summer swoon finally prompting Federal Reserve Chairman Ben Bernanke to deliver QE2, setting in motion the bull run that lasted well into this year.
The recent strong snapback in stocks has thrown a wrench in that scenario, according to Sam Stovall, chief investment strategist at Standard & Poor's Equity Research, if the comparison was even all that apt in the first place.
"From late April through early July, 2010, the S&P 500 tumbled 16% on similar sovereign debt concerns that contributed to the recent decline," he wrote in commentary on Wednesday. "Yet the drop in share prices from April 29 until mid-June 2011 was less than half as deep, even though it was also accompanied by downwardly revised Q2 GDP estimates as a result of the effects of the Japanese supply disruptions, floods, tornadoes, and generally severe weather in the U.S., along with a decline in bond yields and a topping of commodity prices."
Stovall continued: "