Friday saw the Nasdaq close at a new high, while the Dow, and S&P 500 Index made new intraday highs but sold off late to just miss new closing highs. Of course, we’ve been seeing a lot of new highs this year (not that we’re complaining) as equity markets continue to climb higher with the number of new highs posted by the three major indexes in 2017 being among the most ever.
Per Ryan Detrick, Senior Market Strategist, “It is important to remember that new highs tend to happen in clusters that can last decades, but in between you can have years without new highs. Recalling this can be one clue that this bull market may not be as old as many think.”
First up, let’s take a look at the S&P 500:
The Dow has been around since 1896, and the 48 new highs it notched this year has only been surpassed 7 times; though 22 more new highs are needed to break the all-time record set in 1995.
Last, the Nasdaq 100 has made 60 new highs so far this year, meaning the all-time record of 62 new highs seen in 1999 may very likely fall.
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