- In November, particularly in the final trading days of the month, investors bid stocks higher on hopes that tax reform legislation would be passed in Washington. On a total-return basis including dividends, the S&P 500 benchmark index rose 2.2% over the course of November, extending its string of monthly advances to a record 13. Over the entire 13-month period, the benchmark index rose 26.3% on a total-return basis. The previous streak, according to Dow Jones data, was a 10-month rally that ended in September 1995. The Dow Jones Industrial Average rose 3.8% in November, closing out its eighth straight positive month, its longest such streak since 1995, according to FactSet. The Nasdaq Composite notched an impressive +2.5% month.
- If history is any indication, the S&P’s record-setting streak could continue, as December is typically a strong month. According to the Stock Trader’s Almanac, December is historically the strongest month of the year, with an average gain of 1.6%, based on data going back to 1950.
* This commentary reflects the opinions of Welch & Forbes based on information that we believe to be reliable. It is intended for informational purposes only, and not to suggest any specific performance or results, nor should it be considered investment, financial, tax or other professional advice. It is not an offer or solicitation.
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