The S&P 500 reached an intraday record high on April 16, with investor sentiment improving on expectations for easing war tensions and stronger earnings. The new input adds that since the conflict began on February 28, the index had fallen as much as 9%, while the Nasdaq and Dow also entered correction territory before risk appetite returned. This expands on the earlier note that the S&P 500 had rebounded 11% from its March 30 low.