October came to a close last Friday, and the S&P 500 surged on that day, rising by 23 points. That allowed the index to set a new closing high that day, at 2018. That marked the first time it had closed at a new record in the month of October.
Why is that significant? Because October was the 16th consecutive month in which the S&P 500 set a new closing high. That streak, which started in July 2013, is the longest in the history of the index. So far this year, we've had 35 separate record-high closes.
It should go without saying that this kind of thing is not very common. The S&P 500 set a closing high in October 2007, for instance - and then didn't reach that high again until March of 2013.
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