A bad week for trading
The week of the Presidents Day holiday generally produces declines in the S&P 500.
The Bespoke Investment Group went back nearly 40 years analyzing the market's performance in the shortened President's Day work week. As it turns out, the S&P 500 declines an average of 0.20% for the week.
Normally, the market gains 0.12% to 0.15% in a work week, so a 0.20% drop is bad, Bespoke reports.
The performance was different depending on whether the market was up or down heading into Presidents Day. This year, by the way, the S&P 500 is down 3.55% year to date, Bespoke reports.
In years when the market was up heading into President's Day, the index has averaged a gain of 0.20% during President's Day week. In years when the market was down heading into President's Day, the index has averaged a decline of 0.77% during President's Day week.
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All hail the bull market, which ended the week with a big rally. But it also is starting to look a little like 1987, which suffered an epic blow-out.
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