Another New High For The Dow, S&P Within Striking Distance Of Their All-Time High

Market Moves You Need to See Another New High For The Dow, S&P Within Striking Distance Of Their All-Time High [Kevin Matras - EVP - Photo] Profit from the Pros By Kevin Matras Executive Vice President Another New High For The Dow, S&P Within Striking Distance Of Their All-Time High [Another New High For The Dow, S&P Within Striking Distance Of Their All-Time High]Image: Shutterstock Stocks closed narrowly mixed yesterday. The Dow picked up 0.14%, while making another new all-time high and close. The S&P was up 0.04%, but remains -0.73% below their all-time high from January 4, 2022. The Nasdaq Composite ticked lower by -0.03%, and is -6.89% below their all-time high dating back to November 2021. Although, just last week, the Nasdaq 100 eclipsed their previous all-time high from 2021, and has picked up an additional 0.79% on top of it. With one more trading day left in the year, the Dow is up by 13.8% YTD; the S&P is up 24.6%; the Nasdaq Composite is up 44.2%; the Nasdaq 100 is up 54.5%; the small-cap Russell 2000 is up 16.9%; and the mid-cap S&P 400 is up 15.5%. As I noted yesterday, it's been just shy of 2 years since the S&P made new highs. Since it's currently the closest index to breaking that record, all eyes are on it. I also point this out because history shows in the previous 14 times when the S&P has gone at least a full year without a new high, and then finally made one – a year later it was higher in 13 out of those 14 times, and up nearly 15% on average. Whether it happens today, or we have to wait until next week/year, it's likely just a matter of when. Yesterday's International Trade in Goods report showed the U.S. goods deficit expanded to -$90.3 billion vs. last month's -$89.6B and views for the same. Imports were down -2.1%, while Exports were down -3.6%. Weekly Jobless Claims rose by 12,000 to 218,000 vs. the consensus for 210K. The smoother 4-week moving average, however, dipped to 212K vs. last week's 212.25K. Retail Inventories were down by -0.1% m/m. Wholesale Inventories were off by -0.2%, which was in line with the consensus, and a slight improvement from last month's -0.3% pace. And the Pending Home Sales Index was flat at 0.0% m/m vs. last month's -1.2% and views for 0.8%. The Index itself was at 71.6, unchanged from last month. Today, we'll get the Chicago PMI, and the Baker Hughes Rig Count report. Those will be the last reports we get this year. And today's trading day will also be the last. What a spectacular year it's been. It was not without its volatility, that's for sure. But for those who stayed the course, it turned out to be quite rewarding. If you didn't take advantage of 2023 the way you wished you could have, 2024 looks like it could be another impressive year. While maybe not as great as 2023 was, you never know. But the odds are definitely in the market's favor. Not only is inflation on the decline, and interest rates expected to head lower, but stocks typically do well in Presidential election years. In fact, while the 4-year Presidential Cycle shows that year 3 (2023) is the best year for stocks, year 4 (that's 2024) is the second-best year. So it looks like there's plenty more upside to go in the new year. As you know, the markets will be closed on Monday for New Year's Day. Trading will resume on Tuesday as normal. In the meantime, have a great 3-day weekend, and Happy New Year! See you Tuesday, [Kevin Matras - Signature] Kevin Matras Executive Vice President, Zacks Investment Research [Countdown Begins: Zacks Top 10 Stocks for 2024]( Position your portfolio for outperformance with our most powerful long-term recommendations. 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