Surprise: It’s been a red-hot summer for US stocks. The S&P 500 jumped more than 17% and the Nasdaq-100 rallied almost 23% between mid-June and mid-August, before the market ran out of steam and turned lower. No doubt, placing a buy order these days requires investors to cross their fingers and wish for the best before hitting the button.
Fingers were crossed that inflation would continue to recede following a four-decade-high jump of 9.1% in the consumer price index in June. Most important, the prevailing hope is that the price of gasoline will continue to fall back to Earth after dropping more than a buck from a record $5.02 per gallon in mid-June, according to AAA.