S&P 500 Rally Looks Like the 2018 Melt-Up. But With One Caveat
- Members hitting new highs exceed any time since January 2018
- But a closer look shows a different style tilt among winners
Tourists visit the Charging Bull sculpture near the New York Stock Exchange in New York.
Photographer: Michael Nagle/BloombergThis article is for subscribers only.
By one measure, last week’s rally in U.S. stocks produced something not seen since the euphoric surge in early 2018. But that doesn’t mean the S&P 500 is poised to power to an all-time high, warns Renaissance Macro Research.
More than 20% of companies in the equity benchmark reached 52-week highs last week, the most since January 2018 when the index surged to its best month in two years. The S&P 500 jumped 4.4% last week and rose 0.6% Monday, leaving it within 1.8% of its April record.