S&P 500 bull market now arguably the oldest ever
(Reuters) - The S&P 500's bull market turned 3,453 days old on Wednesday, making it the longest such streak in history, according to some investors' definition. The benchmark stock index was off 0.13 percent in midmorning trading, and the market took the milestone in stride a day after the S&P 500 set an all-time intraday high that slightly exceeded the previous one set in late January. 'Length is not necessarily thing I'm interested in.
(Reuters) - The S&P 500's bull market turned 3,453 days old on Wednesday, making it the longest such streak in history, according to some investors' definition.
The benchmark stock index was off 0.13 percent in midmorning trading, and the market took the milestone in stride a day after the S&P 500 set an all-time intraday high that slightly exceeded the previous one set in late January.
"Length is not necessarily thing I'm interested in. More so it could be the new high for the year," said Joe Saluzzi, co-manager of trading at Themis Trading, in Chatham, New Jersey.
Wall Street is widely considered to be in a bull market that started on March 9, 2009, when investors grappled with the global financial crisis that had vaporized over half of the U.S. stock market's value. Since then, the index has more than quadrupled.
Now after nine years and five months, investors are debating when, not if, the current run-up in stock prices will end.
Bull and bear markets are identified only retroactively, and it is too soon to say for certain whether a correction in the S&P 500 in February marked the end of the bull market and the start of a bear market.
To be sure that the S&P 500 is still in a bull market, it would have to close above its record high set on Jan 26, which it failed to do on Tuesday.
"That potential new high is important," S&P Dow Jones Indices analyst Howard Silverblatt wrote in a research note. "(If) we drop 20 percent before we reach a new high, we will go back and declare that the current bull market ended on January 26, 2018, the last high."
Wednesday's record is also debatable because Wall Street experts define bull and bear markets differently.
Some experts say a bull market occurred from 1990 to 2000, which would make the current one the longest ever. Others say that bull market started in 1987 and ran to 2000, which would be three years longer than the current bull market.
Apple is responsible for 4.1 percent of the S&P 500's return since March 9, 2009, more than any other company. Microsoft is second, with a 2.4 percent contribution, according to Silverblatt.
(Reporting by Noel Randewich; Editing by Nick Zieminski)
This story has not been edited by Firstpost staff and is generated by auto-feed.
Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.
MOSCOW/BELGRADE (Reuters) - Serbia's president accused Moscow on Sunday of stooping to "primitivism and vulgarity" in an attack on him, after Russia's foreign ministry spokeswoman compared him to the actor Sharon Stone in an explicit film scene. Serbia is Moscow's closest ally in the Balkans, but President Aleksandar Vucic has long annoyed Russia by seeking better ties with the West
ISTANBUL (Reuters) - Turkish President Tayyip Erdogan and European Council President Charles Michel discussed developments in the Eastern Mediterranean on Sunday, CNN Turk reported. NATO allies Turkey and Greece have been locked in a row over hydrocarbon exploration in the sea's disputed waters and the extent of their continental shelves. There was no official confirmation of the talks.
LONDON (Reuters) - The sharp rise in COVID-19 cases in Britain of 2,988 recorded on Sunday, the highest jump since May, was "concerning", Health Secretary Matt Hancock said, although he added that the majority were younger people. "The rise in the number of cases that we've seen today is concerning," he said. "The cases are predominately among younger people, but we've seen in other countries across the world and in Europe this sort of rise in the cases amongst younger people leading to a rise across the population as a whole." He said everybody had to follow social distancing rules to prevent the spread of infections.