May

30

Today is only the sixth day since the start of futures trading in 1982 that the S&P 500 index set a new record close after five or more intraday failures, i.e., days on which the index at some point during the day was higher than the previous record close, but closed lower than the previous record close. S&P futures returns the next day after the previous five instances were mixed.

Number of intraday failures next day before futures:

Date          record    change
 2/7/1983       5    -1.6%
4/11/1983       6     0.3%
 4/2/1991       5    -0.4%
8/22/1991       5     0.6%
1/10/1997       8     1.0%
5/30/2007       6

Seven years after the previous record close, today's record also ends the longest drought by far of new record closes since 1982. The index had a slightly longer dearth of record closes from January 1973 to July 1980. 


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