Traders wearing masks work, on the first day of in person trading since the closure during the outbreak of the coronavirus disease (COVID-19) on the floor at the New York Stock Exchange (NYSE) in New York, U.S., May 26, 2020.

Brendan McDermid | Reuters

This was the summer investors fell hard for risk — at first reluctantly, having just been dumped over the winter, and now avidly.

The embrace of stocks by those willing to take the chance in the spring has been blissful: The S&P 500 has gained 60% from the March 23 low and 13% since June 30, while rising the past seven days in a row and every day in August but four. Up more than 7% this month, it’s lining up to be the best August since 1984.

The approach of shorter days and cooler nights now prompts the question: Has it been too good to

Read More