Close to a New ATH, but Not Quite

The S&P 500 closed today at 2,129.90 today which is just shy of the all-time high close of 2,130.82 reached on May 21, 2015. During today’s trading, the index wandered as high as 2,131.71.

While the fact that the S&P missed out on a record-book close by less than a point may be striking, most close-market watchers are shrugging it off.

“It would have been bearish if we closed below the open, but I don’t think not making a high today means we won’t make one going forward,” Oppenheimer technical analyst Ari Wald wrote to CNBC after Friday’s close.

Eddy Elfenbein, the editor of the Crossing Wall Street blog, is blunter.

“Dude, a 1.5% rally is a failure?” he wrote to CNBC, drawing out the following stats: “All-time high weekly close. All-time high total return close. In the last eight days, we’re up 6.5%!“

I have to agree with myself.

Among S&P 500 sectors, the Industrials, Consumer Staples, Telecom and Utilities all reached new highs. The yield on the 10-year Treasury closed at a record low of 1.366%.

Posted by on July 8th, 2016 at 5:10 pm


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