Wall Street welcomes a record layout for the S&P 500 index. But that shouldn't come as a surprise to history buffs.
From a statistical point of view, October 28 is the day that has yielded, on average, the best gains for the S&P 500 over the past seven decades, Ryan Detrick, senior market strategist at LPL Financial, said in a Sunday tweet (see attached chart) .
"There are days that are more often up, but when it comes to average returns, on October 28, SPX is up 0.54% on average," Detrick told MarketWatch via email, and notes that it is the highest average return on any day of the year.
On Monday, the shares were absolutely in rally mode.
The S&P 500 Index
SPX, + 0.59%
touched a recent intraday record for the first time since July 26 and was up by a solid 0.7%, while the Nasdaq Composite Index
COMP, + 1.00%
was up 70 points, or 0.9%, just shy of July 26 all-time around 8,330, while the Dow Jones Industrial Average
DJIA, + 0.42%
also flirted with a recent record peak of previous hits July 15 at around 27,360.
Including Monday, the S&P 500 was up for four days in a row, like the Nasdaq Composite, while the Dow was on pace for its second winning session in a row.
The recent stock benchmark rally has been solid in the face of a month, October, known for above-average volatility, especially the crash of 1929, the 1987 fall and the 2008 financial crisis, which has made the monthly stretch into a veritable minefield.
However, the S&P 500 is on track for a 2.2% gain in October, which will mark its best gain in the month since October 2017, when the market climbed 2.22% a month, FactSet data shows.