That’s the last time the Standard & Poor’s 500 Index had as long a streak of record high closes, highlighting the unlikely nature of the recent stock market rally.
On each of the eight trading days through Monday, the S&P 500 closed at a record high. (On Tuesday, that winning streak was snapped when it fell 0.35%.) The popular U.S. stock benchmark has had a stretch like this only seven times before, most recently in 1997, and the last time it was any longer was in 1929, according to Howard Silverblatt, senior index analyst at S&P Dow Jones Indices.
The S&P’s tear this year includes a total of 65 record high closes, the most for any year except 1995, when there were 77, according to Silverblatt.
“We have a pill and boosters now that make [COVID-19] a manageable problem,” Silverblatt said. Plus, “earnings are very positive, cash flow is very good and consumers are spending a lot of money,” he said. “It’s all coming together.”
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