US stocks continued their slog through the end of summer, but the S&P 500 Index just notched a resiliency milestone not seen in five years.
The benchmark for American equities closed for the 100th straight session without a drop of at least 1.5%. It’s had four losses of more than 1% in the two months since it peaked for the year, but otherwise daily swings have been muted to an extent not matched since 2018.
“It’s unusual, but there haven’t been reasons for big drops in the stock market,” said Thomas Martin, a senior portfolio manager at Globalt Investments. “Unless the Fed really surprises investors this week, there isn’t going to be a reason to reposition because we know rate hikes are nearly done.” Supporting sentiment, consumer spending remains strong and Americans are beginning to conclude that price pressures are receding. The S&P 500 index is up 16% in 2023 as investors await a key Fed announcement Wednesday. Economists surveyed by Bloomberg anticipate officials led by Chair Jerome Powell will hold rates steady and pencil in one more rate increase this year.Of course, oil prices leaping to the highest since last year may make the Fed’s fight against inflation tricky.
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