The S & P 500 is on track to nab its longest winning streak of 2024. Historically speaking, that has recently been a good omen for how the rest of the year will shake out. The broad index saw its eighth straight advance Monday. That is the longest string of gains since November 2023. .SPX mountain 2024-08-08 The S & P 500 over the last 8 trading days Consecutive winning periods of this length are uncommon, but when they occur, they are typically associated with strong years. Just look at the past five years that an eight-day advance took place and how the S & P 500 performed for the entire year, according to data from Oppenheimer: 2023: up 24.2% 2021: up 26.9% 2019: 28.9% 2017: up 19.4% 2013: up 29.6% This latest run higher comes amid a choppy summer. The S & P 500 hit all-time highs as recently as July as investors bought into megacap technology and bet on interest rate cuts. But investors were put on edge earlier this month when a global market rout pushed the benchmark index to its biggest one-day loss since 2022 after a sluggish July jobs report and tiny increase in interest rates by the Bank of Japan. The size of the gains has varied over the course of the current rally. When it began on Aug. 8, the S & P 500 climbed 2.3% on the day. But on Aug. 12, the index rose a fraction, equating to a gain of less than 0.1%. The Nasdaq Composite is also climbing for eight straight days, its longest rally since last December. — CNBC’s Robert Hum and Tom Rotunno contributed to this report.
