The index gained 0.1 per cent to end at 4,382.78 and match an eight-day string of gains it notched in November 2021
The S&P 500 gained for an eighth successive day on Wednesday, extending its longest win streak in two years.
The broad market index gained 0.1 per cent to end at 4,382.78 and match an eight-day string of gains it notched in November 2021. The Nasdaq Composite inched up 0.08 per cent to close at 13,650.41 — a ninth positive day and its longest string of gains in two years. The Dow Jones Industrial Average shed 40.33 points, or 0.12 per cent, to end at 34,112.27 and snap its best win streak since July.
The market is starting to set up for the Fed moving to the sidelines, and we may get a soft landing, said Anthony Saglimbene, chief market strategist at Ameriprise. Equities were really oversold for the last couple of months, and they are finally seeing a little bit of a bounce back.
While upcoming inflation and economic prints will likely factor into equity gains from here, data continues to signal that the economy is slowing but not falling off a cliff, Saglimbene said.
In other news, the tail end of earnings season pressed on. Rivian dropped 2.4 per cent even after posting better-than-expected results, while Robinhood slid 14.3 per cent a day after it posted significant drop in trading volumes. Warner Bros. Discovery dipped 19 per cent for its worst day since March 2021, after reporting a more-than-expected loss. Roblox rose 11.8 per cent on strong results.
With Wednesday’s gains, the S&P is 4.5 per cent higher for November, while the Nasdaq has climbed 6.2 per cent. The Dow is 3.2 per cent higher for the month.
These gains come as earnings season winds down. Nearly 88 per cent of companies in the broad-based index have posted results, with over 88 per cent beating earnings estimates.