Market's new-high streak still far from record
Room to run? The S&P 500 has posted 33 new record-high closing numbers in 2013. But that's not even halfway to the best year ever.
Records are coming fast and furious for the major U.S. market benchmarks. They provide just one more data point prompting some prognosticators, including Larry Fink of BlackRock and MarketWatch’s Mark Hulbert, to say this Fed-fueled momentum rally can’t last.
But by one measure, the rise to higher highs has a long way to go.
As record-tallier Howard Silverblatt of S&P Dow Jones Indices points out, the number of annual records set by the S&P 500 ($INX) is far from rate set in the mid-to-late 1990s.
In fact, with 33 as of the close on Tuesday, Oct. 29, close, they’re not even halfway to the 77 record-closes-per-year set in 1995, which was a peak, says Silverblatt.
Want more stats? Record closing highs for the S&P 500 total 1,019 since 1928. But they didn’t get going until second half of the last century. From 1930 through 1953 there were none, notes Silverblatt.
More at MarketWatch.com:
I'm still reeling from the article the world may face a wine shortage, and can't even comment on this.
I'll ride both situations out, though.
What's in your wine cellar?
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[BRIEFING.COM] The major averages punctuated a solid week with a subdued Friday session. The S&P 500 shed 0.2% to narrow its weekly gain to 1.7%, while the Nasdaq Composite (+0.1%) displayed relative strength. The tech-heavy index finished the week in line with the benchmark average.
Market participants went into today's session expecting to hear some new insight from Fed Chair Janet Yellen, who delivered the keynote address at this year's Jackson Hole Symposium. Unfortunately, the ... More
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