November typically is the strongest month of the year for U.S. stocks --- both since 1950 and over the past decade --- says Ryan Detrick, chief market...
The S&P 500 kicked off a busy week for third-quarter earnings on Monday by clinching its 56th record close of the year, reflecting a stunning 21.6% gain already this year.
Despite its sharp gains, the market’s record-setting ways could still stick around a while longer, according to Ryan Detrick, chief market strategist at LPL Financial, who pointed to several reasons, including seasonal and economic factors, that indicate the S&P 500 could keep climbing into year’s end.
Beyond the seasonal, he pointed to “economically sensitive groups of stocks, commodities and even bond yields,” like financials XLF, -0.12% and copper HG00, +0.46%, that were “largely stagnated since early May,” but recently have begun to push higher. The 10-year Treasury yield TMUBMUSD10Y, 1.639% climbed to around 1.634% Monday, representing a more-than-50 basis-point increase since its low in July.
Detrick also pointed to the sharp decline in U.S. COVID-19 cases since early September as a bullish factor for stocks and the record number of U.S. workers voluntarily quitting their jobs.
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