The S&P 500 Closes in on 4,000

We had five straight up days; now the stock market is looking at its second loss in the last three days. Still, the S&P 500 closed Wednesday at another all-time high. In fact, the index is getting close to 4,000.

For some context, the S&P 500 first closed above 400 on December 26, 1991. The index first closed above 40 on June 17, 1955 (that was the old S&P 90).

This morning’s jobless claims showed an increase to 770,000. Last week’s figure, which came very close to being the low for the last 12 months, was revised higher by 12,000.

Even though the report was higher than forecast, claims have generally been headed lower in recent weeks. This report tends to be “noisy.”

On our Buy List, we have new highs today from AFLAC (AFL) and Hershey (HSY). My friend Louis Navellier used to describe good stocks as acting like rabbits. They stand perfectly still and then suddenly, BOOM, take off. The recent AFLAC rally reminded me of that. It’s same the old duck, but it’s up 55% in less than five months.

Posted by on March 18th, 2021 at 1:02 pm


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