Another Record for the S&P 500
Stocks reached new heights again today, with both major U.S. indices closing at all-time peaks. The S&P 500 finished at 1,570.25, topping the previous record closing of 1,569.19 – set last Thursday. The Dow Jones Industrial Average, meanwhile, gained 89 points to close above 14,600 for the first time ever. For both indices, the up day extended a long trend of day-to-day back-and-forths. The Dow has alternated down and up days for nine straight sessions dating back to March 19. The S&P’s run of indecisiveness extends to 10 days. Since March 7, the S&P 500 has operated within the same 26-point band. The index hasn’t dropped below 1,544, and hasn’t risen higher than 1,570. So we can expect two things from the market on Wednesday: that it will be a “down” day (since today was an “up” day), and that the decline will likely be minimal. The markets are very predictable right now. And that predictability seems to be what keeps investors coming back every other day.
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