Wall Street celebrates its longest bull run ever

26 August, 2018, 12:00 | Author: Salvatore Jensen
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That's how long the benchmark S&P 500 index of major US stocks has gone without a drop of 20 percent or more, the traditional definition of a bear market. They say this bull market would have to run until June 2021 to set the record, claiming the longest bull market ran 4,494 days between December 4, 1987, and March 24, 2000.

Apple is responsible for 4.1 percent of the S&P 500's return since March 9, 2009, more than any other company.

Stocks are broadly higher in midday trading on Wall Street, led by solid gains in technology, materials and energy companies.

The Dow Jones Industrial Average finished down 76.62 points (0.30 per cent) to 25,656.98.

ANALYST TAKE: "While the minutes could pass with little impact due to the clear and transparent nature of the Fed interest rate tightening cycle right now, traders will still pour over the release and look for any clues that the pace could pick up further or could be persuaded to slow down", said Craig Erlam, senior market analyst at OANDA.

And even without a near-20% drop, there have been periods in just the last three years for US stock market investors that were less than exuberant.

Retailers were in focus again and several of them were moving after reporting their latest quarterly results.




The S&P 500 rose as much as 0.6% to a record intraday high of 2,873.23 points, topping its previous record high of 2,872.87 on January 26, though it closed below both those marks.

Helping commodity prices was a drop in the dollar after Trump said on Monday he was "not thrilled" with the Federal Reserve for raising rates and that the central bank should do more to help him boost the economy.

The S&P 500 is up 183.37 points, or 6.9 percent. The Nasdaq composite rose 7 points, or 0.1 percent, to 7,866.

Hormel Foods, which makes Spam and other products, fell 3.1 percent after cutting its outlook, partly because of uncertainty around trade.

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

An inverted yield curve - in which yields on two-year Treasury bonds surpass yields on 10-year Treasury bonds - has historically been a reliable indicator of a recession, and the yield curve has been relatively flat in recent quarters.

Tokyo's Nikkei 225 rose 0.2 percent to 22,403.90 while Hong Kong's Hang Seng lost 0.8 percent to 27,704.60.

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