The S&P 500 bounced back 9.8% over two weeks after falling 9.8% in March, marked by the fastest 10-session gain run since April 2020 and faster than the COVID or tariff-driven recoveries. El-Erian is accurately sharing CNBC's institutional analysis—the claim is straightforward financial reporting with no editorializing or misframing. The context that this recovery occurred while the Iran war was ongoing adds nuance to the otherwise standard market reporting.