The S&P 500 index broke the 2,000 level for the first time in history today and notched its 29th record close.
— The S&P 500 index broke the 2,000 level for the first time in history today and notched its 29th record close. However, the index dropped later in the day to close at 1998. The other major indexes had notable gains today, with the Dow and Nasdaq both finishing up 0.4%.
The rally today was powered by more deal activity here in the U.S., including a report that fast-food giant Burger King (BKW) is in talks to buy Canadian doughnut chain Tim Hortons (THI). Also, today we heard comments from central bankers in Europe and Japan over the weekend that more market stimulus may be in the pipeline.
Stocks have rallied three straight weeks now as investors continue to be on an improving U.S. economy and a plethora of better-than-expected Q2 earnings announcements. For the recent earnings season, companies in the S&P 500 posted profit growth of 8.4%.
The continued strong data on the economy has enabled investors to generally shrug off geopolitical concerns. The stock market, however, is no longer considered cheap; some argue that the market is trading accordingly with historical norms, while bears warn that stocks are getting pricey.
All of our 10 ETFs in the Spotlight joined the rally with 5 of them making new highs for the year.
In 2000, and in 2008, in the midst of apparent market expansion, Ulli’s methodology directed him and his clients to the safety of the sidelines just before the beginning of the brunt of the bear market. Ulli has written countless articles on investing and the very popular e-book “How to beat the S&P 500…with the S&P 500”
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