Is the S&P 500’s latest surge a sign of things to come, or just a flash in the pan? Yesterday, the S&P 500 closed at 5,633.91, setting its 37th record close for 2024. The index gained 56.93 points, rising by an impressive 1.02%. This marks the largest single-day point and percentage gain since June 5, 2024. If you’re not excited about this, you should be!
This rally has extended the index’s winning streak to seven consecutive trading days and it’s up on 10 of the last 11 trading days. It’s a sight for sore eyes amidst the recent market turbulence.
So, just how well has the S&P 500 performed this year? Get ready for some jaw-dropping numbers:
- Year-To-Date Performance: The index has skyrocketed by 864.08 points, boasting an 18.12% increase for 2024.
- Monthly Performance: July alone has seen a solid 3.18% increase.
- 52-Week High: We’re looking at the longest winning streak since November 8, 2023, with a gain of 67.22 points in the past seven trading days.
But what’s driving this fantastic rally?
A few key factors are at play here:
- Retail Trading Resilience: Retail traders are not throwing in the towel. Despite some bumps along the road, they’re actively trading in stocks like GameStop, showcasing their resilience and knack for catching waves.
- Positive Inflation Report: A favorable inflation report has pumped the market with optimism. While the first half of 2024 saw some losses, recent figures suggest a strong recovery is underway.
What do the market prophets say? Analyst opinions from big guns like Citigroup Corp., J.P. Morgan, and Wells Fargo & Co. are making waves. Their buy, hold, and sell ratings for various S&P 500 stocks send ripples through the market, swaying sentiment and behavior.
For those with a long-term perspective:
- Long-Term Performance: The S&P 500 is up by 46.27% from its Inauguration Day close in January 2021 and a hefty 36.83% from its 52-week low in October 2023.
Here’s a quick snapshot to wrap your head around these astounding figures:
| Metric | Value |
|---|---|
| Index Closing Value | 5,633.91 |
| Change in Points | 56.93 |
| Change in Percentage | 1.02% |
| Number of Record Closes 2024 | 37 |
| Longest Winning Streak | 7 consecutive trading days |
| Month-to-Date Change | Up 3.18% |
| Year-to-Date Change | Up 864.08 points or 18.12% |
| Gain from 2024 Closing Low | Up 20.16% |
| Gain from Inauguration Close | Up 46.27% |
| Gain from Election Day Close | Up 67.22% |
| Gain from 52-Week Low | Up 36.83% |
The S&P 500’s latest rise is more than just numbers; it’s a narrative of resilience and potential. Are we at the brink of a bullish run, or should we brace for another roller coaster? As always, stay informed, stay vigilant, and remember that intelligence will out.
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