Wall Street enjoys a record rally for the S&P 500 index. But this should not come as a surprise to supporters of stock market history.
Statistically, October 28 is the day that has on average led to the best S&P 500 earnings in the last seven decades, said Ryan Detrick, senior market strategist at LPL Financial, on Sunday Tweets (see attached diagram) .
"There are days that increase more often, but on average returns, on October 28, the SPX is above 0.54% over the average," Detrick told MarketWatch via email. noting that this is the highest average return on any day of the year.
Stocks were certainly in rally mode on Monday.
The S&P 500 Index
SPX, + 0.59%
touched a new record during the day for the first time since July 26, reaching a solid 0.7%, while the Nasdaq Composite Index
COMP, + 1,02%
was up 70 points, or 0.9%, just narrowing down from its highest values on July 26 around 8,330, while the Dow Jones Industrial Average
DJIA, + 0.50%
was also flirting with a fresh record peak, last falling on July 27 around 27 350.
Including Monday, the S&P 500 was up for four days in a row, as was the Nasdaq Composite, while the Dow was in the running for its second consecutive winning session.
The equity benchmark rally was recently solid in October, known for its volatility, especially the crash in 1929, the fall in 1987 and the financial crisis in 2008 that made the monthly stretch real mine field.
However, the S&P 500 is on track for a 2.2% gain in October, which will mark its best profit this month since October 2017, when the market rose 2.22% for the month, FactSet data.