Five new highs to start 2018
Five new highs to start 2018. The S&P 500 closed higher for the fifth straight day to kick off 2018, with all five days also making new highs. This is the longest win streak to start a new year since six in a row in 2010, while it is closing in on the all-time record of new highs to start a year of six in 1964. Not to be outdone, the S&P 500 is up 2.6% after five days, the best start to a year since 2003. When the first five days of the year are up more than 2%, since 1950, the entire year has been higher 15 out of 15 times with an average return of 18.6%. (LPL)
The return of volatility? I noted many times how historically non-volatile 2017 was for stocks. From the S&P 500 not experiencing a single 3% pullback from peak to trough, to only having eight 1% daily changes all year. The first week of 2018 the S&P 500 gained 2.6%, which would have been the single largest weekly gain of 2017. Additionally, it snapped a 55-consecutive week streak without a 2% gain or loss. That was the longest such streak without a 2% change since the mid-1990s, and mid-1960s before that. Could this be the first clue that volatility is coming back in 2018? (LPL)
Kohl’s same-store sales climbed nearly 7% for the 2017 holiday season when compared with a year ago. (CNBC)
The S&P 500 is up 2 and the NASDAQ is up 9. The MSCI international index is lower.
Oil is up 35 cents at $62.10 a barrel.
Gold is down $5 at $1316 a Troy ounce.
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.