The S&P 500 Just Did Something It Has Only Done 9 Times Before. A Big Move in the Stock Market Could Come Next.
The S&P 500 (SNPINDEX: ^GSPC) shook off recession fears to climb 24% in 2023, but the gains came in fits and spurts. The index advanced 20% through the first seven months, its momentum fueled by robust economic growth, cooling inflation, and excitement about artificial intelligence.
Then the S&P 500 hit turbulence in the second half. It fell for three consecutive months in August, September, and October as bond yields soared, inflation reaccelerated, and the Federal Reserve signaled a prolonged period of elevated interest rates. But those headwinds faded during the holiday season, and the index finished the year with a final crescendo.
The S&P 500 notched nine consecutive weekly increases at the end of 2023, its longest win streak since 2004. The index has only moved higher in nine straight weeks nine other times in history, and those events typically preceded more gains over the next year.
Source Fool.com
