Market Extra: The S&P 500 and Dow have now gone 109 days without a 1% decline

Buoyancy. That is what this indefatigable equity market has come to be known for over a four-month stretch that remarkably hasn’t produced a decline of at least 1% for either for the S&P 500 or the Dow Jones Industrial Average. That is 109 trading sessions dating back to Oct. 11.

Put another way, Wall Street investors have gone through Halloween, a stunning election victory, weeks of shock, Veterans Day, Thanksgiving, Christmas, Hanukkah, New Years, Martin Luther King Jr. Day, Valentine’s Day, Presidents Day, four ballistic-missile firings by North Korea a tumble in oil prices and a rate increase by the Federal Reserve on Wednesday (only the third in the past 10 years), with nary a 1% blip neither from the S&P 500 SPX, -0.20% nor the Dow industrials DJIA, -0.04%

Such a preternatural period of supernatant trade is bordering on insane, but it is also historic, matching the longest stretch of trading days without a 1% decline since May 18, 1995 for the S&P 500 and the longest since Sept.

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