Sign of the Times: 22% of the S&P 500 at New Multi-Year Highs
By: Giovanny Moreano | Quantitative Analyst
The S&P 500 closed at its highest level since December 2007, a day after the Federal Reserve’s decision to embark on another round of monetary stimulus.
Within the index , about 110 stocks or 22 percent of its components traded at new 52-week highs. That's the highest number of new highs since December 2010.
Indeed, 6 out of ten S&P sectors reached new multi-year highs on Friday: Energy, Materials, Financials, Industrials, Technology and Consumer Discretionary (Telecom and Healthcare stocks hit new multi-year highs on Thursday).
Companies such as Apple , Amazon, Chevron , Disney , Union Pacific , among others, are trading at record highs.
Which stocks hit the most new 52-week highs this year? Sherwin Williams takes the top spot with 56 new year highs, reaching this level about 31 percent of the time in the last 178 trading sessions.
