The S&P 500 Is on Track to Set a Record Winning Streak.
Well, despite rumors of an impending hard landing, it seems the stock market has had its own ideas. The S&P has only seen green in November, climbing more than 6% since Friday, Oct. 27.
Meanwhile, Wednesday marked the Nasdaq Composite’s ninth-straight day of gains, amounting to an around 8% increase. This gave both indices their longest winning streak since November 2021.
Interestingly, the past week of gains have come from some unlikely sources. The biggest winners of the recent rally include $Expedia(EXPE.US$ , which is up 26.8% over the past eight trading days, $Generac(GNRC.US$ up 26.3%, $Gartner(IT.US$ up 22.1%, $Warner Bros Discovery(WBD.US$ up 21.6% and $Monolithic Power Systems(MPWR.US$ up 21.3%.
Remarkably, the rally has pushed the S&P 500 up over 14% year-to-date (YTD), even despite the nearly 10% decline from August through October. As of this writing, the Nasdaq is also up a staggering 31% YTD, having almost recovered from its own 12% downswing over the past few months.
While concerns are still rampant over a Federal Reserve-induced economic slowdown, the hard-landers have had a tough time building a case.
Not for nothing, in a macro sense, things have been good. As per this week’s jobs report, initial jobless filings declined by 3,000, reflecting a strong labor market despite elevated interest rates.
Inflation has been slowing, while jobs and consumer spending have remained strong. Indeed the U.S. economy has continued to operate at near-record levels of efficiency, despite pessimistic sentiments from many Americans.
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