S&P hits record high, equals longest-ever bull run
23 August, 2018, 10:27
And many analysts say the market still has room to grow, as ebullience over the chugging USA economy overcomes worries about trade and political unrest here and overseas.
A bull market starts when the market climbs 20 percent from a previous low and it ends when the market falls 20 percent from a high. "As the stimulative effects of that fiscal policy diminish in the coming quarters and the Fed continues to tighten, that's a risk to the bull market", Arone said.
During this bull run, the S&P has had 16 pullbacks of at least 5 percent, including four of at least 10 percent, according to Keith Lerner, chief market strategist with SunTrust Advisory Services in Atlanta.
The S&P 500 rose to a new high on Tuesday for the first time since January 26.
For instance, during the current bull market, the S&P 500 fell 19.39 percent between April 29, 2011, and October 3, 2011, but that decline is not considered by S&P Dow Jones Indices to be a bear market.
World politics Stock markets have largely avoided the impact of geopolitical disruption over the past decade, despite worldwide crises such as the Syrian civil war and the rise of Isis.
The Dow Jones Industrial Average gained 125.56 points, or 0.49% to 25,884, led higher by Intel Corp, Caterpillar Inc and Goldman Sachs Group. "More so it could be the new high for the year", said Joe Saluzzi, co-manager of trading at Themis Trading, in Chatham, New Jersey.
The Nasdaq index was the best performer overnight, lifting 0.4 per cent, thanks to gains from Netflix, Amazon and technology stocks.
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"I will not be popping the champagne for the bull market on August 22", said Jeffrey Hirsch, editor of the Stock Trader's Almanac.
The marathon march higher began in March 2009, just after the financial crisis erased more than half the value of the S&P 500, the broad-based USA stock index.
The two-year yield, which rises with traders' expectations of higher Fed fund rates, were at 2.5996 percent Wednesday compared with a US close of 2.608 percent. Shares of its industry peers PulteGroup PHM.N , Lennar LEN.N and D.R. Horton DHI.N also rose between 4 percent and 6 percent.
The S&P 500 index finished with a loss of 1.14 points, or 0.04 percent, at 2,861.82.
But Chinese investors sold shares across the board, sending both the Shanghai Composite index and blue-chip CSI300 index down 0.5 per cent, as economic concerns returned after the central bank said on Tuesday it would not resort to strong stimulus to support growth.
Lagging shares were Husky Energy Inc, down 2.6 percent, Brookfield Asset Management Inc, down 2.5 percent, and Knight Therapeutics Inc, lower by 2.5 percent.
The dollar rose to 110.57 yen from 110.40 yen late Tuesday. The VIX Volatility Index closed at 12.78 for a gain of 0.29 points or 2.32%. Silver fell 0.1 percent to $14.75 an ounce.
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