Monday, 22 October, 2018

Longest bull market in history may still have room to run

Embedded Image S&P hits record high, equals longest-ever bull run
Kenneth Drake | 26 August, 2018, 12:00

US stocks turned in a lackluster performance Wednesday, but this session goes down in the record books as the day that marked the longest bull market run in history.

The S&P 500's bull market turned 3,453 days old on Wednesday, making it the longest such streak in history, according to some investors' definition.

For all the exuberance, some noted Wednesday that the current bull market's status isn't firmly cemented until the S&P 500 closes above its January 26 closing high of 2,872.87. "That potential new high is important", S&P Dow Jones Indices analyst Howard Silverblatt wrote in a research note.

Investors had their eye on trade as the USA and China rolled out more tariffs on each other, escalating their trade dispute even as representatives from both nations held their first high-level talks in two months.

The S&P consumer discretionary index.SPLRCD climbed 0.9 percent as shares of off-price retailer TJX Companies Inc (TJX.N) rose on strong results and Toll Brothers Inc's (TOL.N) encouraging quarterly report boosted shares of homebuilders.

USA stock index futures rose on Tuesday on hopes that planned trade talks between the United States and China would help resolve the dispute between the world's two largest economies.

The news of Michael Cohen, Donald Trump's former personal lawyer, pleading guilty to eight charges - including violations of campaign finances, resulting in the stock market dipping slightly at the end of the day.


The Nasdaq composite lost 10.64 points, or 0.1 percent, to 7,878.46.

The Nasdaq composite and the Russell 2000 indexes also closed at all-time highs Friday. Still, the trade-sensitive S&P industrial sector gained 0.67 percent.

The Federal Reserve Bank announced in a policy meeting during the week that it seeks reassurance in the U.S economy and committed to future hikes in rates of consumer goods. For the year, it's now up 7 percent. Nvidia gained 3.8 percent, while Lowe's jumped 5.8 percent.

Advancing issues outnumbered declining ones on the NYSE by a 1.08-to-1 ratio; on Nasdaq, a 1.37-to-1 ratio favored advancers.

The S&P 500 index fell a fraction of a point to 2,861.

Volume on U.S. exchanges was 5.86 billion shares, compared with the 6.49 billion average over the last 20 trading days.

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