The stock advance has hit some resistance in the last two weeks and it’s only going to get tougher as the third quarter reporting period gets underway.
Since hitting rally highs nearly two weeks ago, the broad S&P 500 index has lost 4.3% as investors have sorted through a spate of manufacturing, consumer and jobs reports that have missed forecasts.
The standout was Friday’s September jobs report, which showed the unemployment rate spiked to 9.8%, a new 26-year high. On top of that, employers cut a whopping 263,000 jobs from their payrolls during the month.
But the stock market’s decline over the last two weeks was pretty minimal, considering the nearly seven-month run up that propelled the S&P 500 by 51.2%.
That rally was driven by extraordinary amounts of monetary and fiscal stimulus and a spate of “less bad” news as the economy moved from recession to stabilization to the start of a recovery.
But lately there’s been a change, with the trend going from ‘less bad’ to ‘less better’ economic news, said Karl Mills, president and chief investment officer at Jurika Mills & Keifer. “The market is trying to understand that switch.”
Although he says the recent trend doesn’t undermine signs of a recovery, it does indicate that the road ahead is a lot more twisty than the stock market rally would imply. Hard money training
Tags: employers, investors, monetary, recession, unemployment
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