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“Spend each day trying to be a little wiser than you were when you woke up.” – Charlie Munger
If you were wondering how many times the market can rally on the same news, the answer is at least one more time. Once again today, the market is rallying on news related to the COVID vaccine, which has started shipping in the US and will start going in the arms of Americans around the country this week. It’s a quiet day with no economic news on the calendar, but as has been the case every day lately, we’re also likely to see a number of headlines related to the prospects (or lack thereof) for an additional relief bill.
Be sure to check out today’s Morning Lineup for updates on the latest market news and events, a recap of the Japanese Tankan survey, an update on the latest national and international COVID trends, and much more.
With a gain of just over 1%, the S&P 500 is already having a decent month, but if seasonal trends are any indication, the second half should be even better. The chart below comes from our Seasonality Tool and shows the median historical one week, one-month, and three-month performance of the S&P 500 over the last ten years. In terms of the one-week and one-month performance, the median gains of 1.2% and 2.93%, respectively, both rank above the 90th percentile. Looking further out over the next three months, the S&P 500’s median gain of 4.06% is still impressive but doesn’t rank quite as strong in the 79th percentile.