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The S&P 500 notched another all-time-high

Updated: May 15


S&P All Time High

Last Week:
  1. The S&P 500 notched another all-time-high, passing the 5,000 mark for the first time ever on Thursday, 2/8/24. History has shown that the market tends to perform very well in years that it reaches a new high. The median full-year return for any year in which the S&P 500 reaches at least one record high is about +15%.

  2. Federal Reserve Chair Jerome Powell made additional comments on 60 Minutes, reiterating that an interest rate cut is unlikely to happen in March. This was after the comments he made following the Fed’s January meeting two weeks ago. Below, please find the Fed’s Meeting Schedule for 2024; Typically, they announce rate hikes/cuts on the second day of each meeting.

  3.  Earnings season continued this past week, with many S&P 500 reporting Q4 results.

 

Note: The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market value-weighted index with each stock's weight in the Index proportionate to its market value.


Chart of the Week: Federal Open Market Committee (FOMC) 2024 Meeting Schedule

Meeting Dates

Result

January 30-31

No Change in Rates

March 19-20

TBD

April 30-May 1

TBD

June 11-12

TBD

July 30-31

TBD

September 17-18

TBD

November 6-7

TBD

December 17-18

TBD

Source: https://www.federalreserve.gov/monetarypolicy/fomccalendars.html. Online Access and E-Delivery of Statements/Confirms:


December and January can often be larger volume trading months for your accounts, given potential tax loss harvesting (for taxable accounts) and rebalancing.


If you are not signed up for electronic delivery of statements and confirms, this can mean that you are receiving endless mail from Wells Fargo Advisors Financial Network! We have received several questions about limiting this or changing your settings to electronic delivery only. In order to do this, you must first be set up to view your accounts online, and then you are able to change your delivery preferences.

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