The S&P 500 closed at an all-time high on Tuesday, and U.S. futures are pointing to another day in the green.
In case you missed it, here’s Dan Greenhaus on Tuesday commenting on this rare rally:
You may have already noticed it, but the S&P 500 rose today, the 13th time in the last 15 sessions it has done so (small and midcaps cannot make the same claim). This has happened before of course — most recently on September 18 and before that, July 22 of this year — but going back to 1960, a run such as this has happened less than 1% of the time. Yes it’s happened 8 times during the current recovery (S&P rose 17 out of 20 days in December 2010) but during the previous expansion, the S&P was able to muster a 13/15 gain just once, in September 2003. And if you can believe this, while it happened a bunch in the nonstop year of 1995, it didn’t happen once during 1996-March 2000. Not once. What does that mean, perhaps in light of Larry Fink’s comments today? We’ll leave that for another evening.
Additionally, the Federal Reserve wraps up its two-day Federal Open Market Committee (FOMC) meeting today. Here’s UBS’s Art Cashin:
An FOMC Pattern? — Jason Goepfert notes that the S&P has closed at a record high on the day before an FOMC statement 13 times. On the following (statement) day, they moved higher, nearly two-thirds of the time. Not so hot in the next three days.
Earlier today, ADP told us that U.S. companies added only 130,000 private payrolls in October, down from 145,000 in September. This missed expectations and it was the lowest reading since May.
Yet, markets are standing firm.
These are extraordinary times.
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