This Is a Happy Friday
There’s almost nothing to upset things.
The S&P 500 hit an all-time high on Thursday.That’s the 20th time the index has done so in 2024. If it keeps up the pace, it’ll reach 90 and break the previous record of 77, set in 1995.
As Ryan Detrick of Carson Group noted, 1995 was marked by strong productivity growth, solid wages, contained inflation, excitement over the internet, and a Fed that had turned dovish after an aggressive round of tightening.
Checking in on the Election Cycle, Ryan points out that when stocks fall in a midterm year – like they did in 2022 – double-digit returns the two following years are totally normal.
Stocks are not alone. As Ben Carlson notes, net worth, housing prices, economic activity, and air travel are also at all-time highs, and you can earn 5 percent on your cash to boot.
And there’s nothing on the calendar with potential to upset things.
Midnight on March 22 is the deadline for the US Congress to button-up budget negotiations in time to prevent a federal government shutdown. But even that deal seems to be on track to get done.
Enjoy the calm!
And let’s hope it stays this way…