Over just six months, the S&P 500 Index (SPX) has gone from record highs to three-year lows back to the doorstep of new record highs this morning.
As this relentless rally rolls on, it’s important to keep in mind that a number is just a number. Still, it’s hard to ignore the symbolism if the SPX moves above that old February intraday level of 3393. Six months may seem like a long time, but it took nearly a decade for stocks to revisit their 2007 highs after the financial crisis. Things seem to be going in fast motion as the SPX is up seven sessions in a row.
This morning, people are bidding up stocks ahead of the bell in hopes that a Russian vaccine approval could be the first step toward ending the crisis. It’s positive news, but might get viewed with the old “fish eye.” We’ll believe it