SP 500 marks longest up and down streak in history
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S&P 500 marks longest up and down streak in history
Call it the pogo stick stock market. Following Monday’s gain, the S&P 500 index SPX +0.63% marked its 13th day of alternating close moves – the first streak of its kind on record, according to preliminary data complied by the Wall Street Journal’s statistics group.
The Dow Jones Industrial Average DJIA +0.33% , as well, hasn’t had two consecutive up or down days since March 20 – 12 straight days – the longest streak of its kind since the 12 days ended July 16, 1998.
While those back-and-forth moves smack of indirection, the overall view has been a slight drift upward. The S&P 500 is up nearly 0.3% since the first day of its up/down streak, on March 20. The Dow has gained 0.7%.
U.S. equities finished higher Monday, buoyed by a “buy-the-dip” mentality.
The S&P 500 ending at 1,563.07, up 9.79 points, or 0.6%. That was the longest one-day point and percentage gain since March 26 and the sixth highest closing value in its history. The Dow industrials rose 48.23 points, or 0.3%, to close at 14,613.48, with Monday’s closing value the second highest in its history.
The Nasdaq Composite COMP +0.57% also added 18.39 points, or 0.6%, at 3,222.25, its largest one-day point and percentage gain since March 22. http://blogs.marketwatch.com/thetell/2013/04/...n-history/
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