TECH - Historic S&P 500 Rally In Q1 Flashes Bullish Signals For 2024: 'Only The Ninth Time Since 1940' | Benzinga
The S&P 500 enjoyed a total return of 10.6% in the first quarter, following a robust rally in the final quarter of 2023 that have taken its cumulative gains since the end of September to 22.3%.
“The S&P 500's current streak of gains is nothing short of historic,” said the Market Intelligence Team at Nasdaq in its quarterly review and outlook.
“The first quarter marked the index’s second-consecutive quarter of double digit gains for only the ninth time since 1940. Historically, this has been a bullish signal, as the prior eight occurrences were all followed by positive 12 month gains.”
The SPDR S&P 500 ETF (NYSE:SPY), which mirrors the S&P 500, posted returns of 10.1% in the first quarter and 22.3% across the past two quarters.
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Economic And Earnings Resilience
So what has been the driving force of this rally in 2024, and how will it be sustained in the coming quarter?
“Where the rally in Q4 was due in large part to a ...