A New High for the S&P 500

A New High for the S&P 500

February 13, 2024

On January 3, 2022 the S&P 500 had reached a previous record high of 4,796.56. On January 19, 2024 the S&P 500 closed at 4,839.81 for a new all-time high. It took 512 trading days to reach a new high. During this long drought there were 263 days of negative returns, 249 days of positive returns, a 6-day loss streak, and an 8-day gain streak.

You may be wondering what this all means for 2024. There are 13 other instances in the history of the S&P 500 where there was more than a 1-year gap between record highs. Here are some statistics about those instances:

  • The median 12-month forward return was 13.5%. 
  • In 12 of the 13 time periods, the S&P 500 had a positive 12-month forward return.
  • The largest recorded return was 35.9%, which occurred between 1994 and 1995.
  • The 1 instance with a negative return of -8.5% occurred following the 1,803 days between the high on 3/242000 and the high on 5/30/2007. 
  • The most recent instance of a period of at least 1 year between highs was May of 2015 through July of 2016 and the 12-month forward return was 13.5%. 
  • To see all of the instances discussed click here: Periods With at Least One Year Between New S&P 500 Highs

The statistics show that if the trend continues we should have positive growth between January of 2024 and January of 2025, which is certainly welcome news. Overall, the team at LPL Research remains optimistic about potential growth in the markets over the next 12 months.

Source: LPL Research, Bloomberg 01/22/24. Disclosures: Past performance is no guarantee of future results. All indexes are unmanaged and can’t be invested in directly. The modern
design of the S&P 500 stock index was first launched in 1957. Performance back to 1950 incorporates the performance of the
predecessor index, the S&P 90.