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Dow Jones Industrial Average and S&P 500: Road To New Highs Will Be Bumpy

February 4th, 2013

Wall streetThere’s a long list of football players whose individual skills and successes will likely take them to the Hall of Fame. Yet there’s a gaping hole in their gridiron resumes: they’ve never won a Super Bowl. Whether it’s fair or not, winning the biggest game of them all does matter and carves out a special niche in football history.

In much the same way, investors have maintained their composure as the other, lesser indexes have muscled their way to fresh all-time highs, patiently waiting and reserving their celebration for the Big Dog — the S&P 500 — to get back into uncharted territory. Sure, we’re getting close. But until we actually break the record, it will stand as a black mark on an otherwise impressive rally.

“Small caps, mid caps, transports, the higher beta cyclical areas have made all-time highs,” says Jonathan Krinsky, chief market technical analyst at Miller Tabak & Co. “So you kind of have to give the benefit of the doubt to the big caps following suit.”

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Related: S&P 500 Index (INDEXSP:.INX), Dow Jones Industrial Average (INDEXDJX:.DJI).

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NYSE:DIA, NYSE:SPY


 

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