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S&P 500 Continues Impressive Streak: Third Consecutive Week of Soaring Highs

S&P 500 Continues Impressive Streak: Third Consecutive Week of Soaring Highs

January 31, 2024

The Major Markets continued their climb higher with the S&P 500 reaching a new all-time closing high Thursday. This marks the third consecutive week higher for the S&P 500 and the 12th positive week out of the last 13. The gains were widespread across the style boxes with both growth and value climbing higher. Furthermore, Small, Mid, and Large Cap all saw gains with the greatest gains being in Small Cap Value. There was some weakness in the S&P 500 Sectors as Consumer Discretionary gave back 1.4% with slight losses in Heath Care and Real Estate.

The losses in Consumer Discretionary were due in large part to the outsized weighting of Tesla. The company stands as one of the largest holdings within the S&P 500 due to its market capitalization. Last week, the automaker dropped 13.6% after disappointing earnings results and forward-looking guidance. In economic news, Thursday’s all-time closing high coincided with the preliminary results of Q4 GDP. This number saw a 3.3% result, significantly higher than the 2% expected.