Three for three!
May 12, 2024
All three of the major US stock market indices posted gains for the third week in a row. However, everything isn’t as rosy as the market would have us believe.
All three of the major US stock market indices posted gains for the third week in a row. However, everything isn’t as rosy as the market would have us believe.
All three major US stock market indices posted gains for the second week in a row. Although this past week was volatile like the last, could this be the beginning of a new bullish streak?
It was a volatile path for all three major US stock market indices, although they finished the week in the green. Thursday’s announcement of hotter-than-expected Personal Consumption Expenditure (aka PCE) rattled the stock market and propelled the DJIA down 375 points.
The three major US market indices have been down the past three weeks, for the most part, with the S&P 500 falling below its 50-day moving average. Yet it seems like just yesterday the indices were on a hot streak.
For the second week in a row, all three major US stock market indices were down. Wednesday’s Consumer Price Index report came in much hotter than anticipated and, seemingly, caused the market to drop precipitously.
Were those tremors you felt this past week from the US stock market or the quakes that hit New York and Taiwan? All three major US stock market indices posted losses.
This Sonny & Cher song title captures what’s been happening to the major US stock market indices. All three posted gains this week hitting new highs.
Do you know what a smidgen is? No, it’s not one of those scrabble words to get past your competition! It’s how much the three major US stock market indices decreased last week.
The S&P 500 currently trades at a price-to-earnings multiple of 22.82X trailing twelve-months earnings versus the historic average of 16X. Besides the AI revolution and resulting business efficiencies, the only other driver behind this stock market surge appears to be fear of missing out.
The three major US stock market indices produced a mixed bag of results for the week even though AAPL — a major index component — was down.
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