S&P On Fire
Yesterday’s session saw both the S&P 500 and Nasdaq indexes make new record highs, boosted by upbeat earnings. It seems nothing can stop the 2019 bull market!
Twitter (+15.64%), Hasbro (+14.23%) and Kohl’s (11.91%) were among the few companies adding fuel to the hot-streak with some serious earnings performances. This helped ease fears of weak profits on Wall Street, setting the stage for a busy week of corporate earnings to come.
The S&P bumped up 0.83% yesterday, finally topping September’s high at $2,929 and erasing the losses of the massive October sell-off. The 2018 losing streak wiped 17% off the index’s value in an eye-watering 14 week period, before returning to a record high in just 17 weeks – making it one of the fastest market turnarounds in history.
With more big name companies, such as Facebook, Amazon and Microsoft set to post earnings in the coming weeks, things are looking good for the S&P going forward. All eyes will be on the release of US gross domestic product (GDP) numbers on Friday which could provide more reasons to smile or a dampener on the recent bullish sentiment, depending on the outcome.
For now, however, the S&P is cooking on maximum power, and breaking new ground. Long may it last.