As equities and other risk assets surge, a massive number of S&P 500 stocks are hitting new 52 week highs today. As shown in the chart below, as of midday 27.92% of S&P 500 stocks have reached new 52 week highs today and just one stock, Biogen (BIIB), is reaching a new 52 week low. The net reading of 27.72% is the highest reading for net new highs since January of 2018. Prior to that, you would need to go all the way back to May 22nd of 2013 to find the last time there was such a high reading.
Looking at the best-performing stocks in the index today, the list is mostly comprised of the stocks that have been extremely beaten down in the COVID economy like energy, travel, and retail/retail real estate names. Despite this, some still find themselves as some of those furthest below their 52-week highs. Take for example Carnival Cruiselines (CCL). The stock is seeing a phenomenal 35% gain just in today’s session, but even at today’s highs it was still well over 60% below its high for the year. It is a similar story for CCL’s peer, Norwegian Cruise Line Holdings (NCLH) which is up 27.78% but was 61.4% from its highs at its best price today. On the other hand, there are 28 stocks that have come within 1% of their 52-week highs at their high prices today. Another 80 stocks have come within 5% of their 52-week highs at their intraday highs today. Click here to view Bespoke’s premium membership options for our best research available.