The S&P 500 Breaks 2,700

For the first time ever, the S&P 500 broke 2,700 this morning. The index was last below 27 in March 1954 (it was still below its 1929 high). That’s a 100-fold gain in 64 (and 89) years.

We only have about 4% or so to go for the S&P 500 Total Return Index to be five times where it was at the March 2009 low.

Yesterday’s market was interesting because high-beta stocks did well while low vol stocks lagged along. Today’s market is more balanced but small-caps are leading the pack.

Before the market opened, we learned that the ISM Manufacturing Index was 59.7 for December. That’s a good number, and it was up from 58.2 in November. We also learned that construction spending rose 0.8% in November. In the past year, construction spending was up 2.4%.

Posted by on January 3rd, 2018 at 11:17 am

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