The S&P 500 defied market logic by rebounding following a sharp 20% drop in the first quarter, confounding analysts who point to an intriguing pattern in economic history. Despite a contracting US economy as measured by GDP, the S&P 500 surged back, prompting questions about global market trends and resilience. In a study analyzing over a century of stock market crash data, BNP Paribas strategists discovered a potential anomaly: severe downturns can sometimes be temporary and quickly corrected without a recession. This is not entirely unprecedented as some major crashes have occurred without economic downturn, according to their findings based on 100 years of historical data.