Another day, another green close.
In fact, another day, another record close. The 11th straight to be precise and the longest such streak in three decades. As for the S&P, you guessed it: another record high there too.
Here’s the idiot-proof, bullet point summary via Bloomberg:
- U.S. equities advanced amid gains in utilities and phone stocks and a last-minute surge that saw the Dow Industrials adding 77 points in the final hour of trading.
- S&P 500 index added 0.2% to turn positive after spending the day in the red, ending at a record 2,367
- Dow Industrials average gained 0.2%, ending higher for the 11th straight day, the longest rally since January 1992
- Nine of 11 groups ended higher, after all started in the red
- Financial companies weighed on market with 0.8% decline
- Energy shares down 0.9% as crude oil declined
- About 6.7b shares changed hands, same as year-to-date average
- VIX down 2% to 11.5, lowest in a week
With all of that in mind, consider the following chart from Goldman which shows that while we haven’t hit full retard in terms of days without a 1% pullback on the S&P just yet, we’re almost there:
Since 1980, there have been only six instances of the S&P 500 trading for 80 or more consecutive days without a 1% decline.
Or, in other words:
Markets green. Now we know why.
— NOD (@NOD008) February 24, 2017