Friday marked the 13th straight day in which the S&P 500 failed to move more than 0.5% in either direction on a closing basis, the longest such streak since 1995, reports Business Insider.
The stasis should be unsurprising for those watching the equity market over the past few weeks. In the absence of any major geopolitical shocks or economic surprises, investors haven’t seen much of a reason to get riled up.
It’s possible investor concerns about the durability of the eight-year bull market have been assuaged by impressive S&P 500 earnings growth. Companies in the index are on pace to see 14% profit expansion for the period, the most since the third quarter of 2011, according to data compiled by Bloomberg.
Another potential explanation for the market malaise comes from the realm of technical analysis. On March 1, the S&P 500 came within a point of breaking 2,400 before bouncing off that key level of upward resistance. In the 2 1/2 months since then, the benchmark has twisted and turned in a tight range, testing 2,400 on multiple occasions but never closing above it. Read more at Business Insider.