Yet another week of gains for the stock market. For the week the Dow Jones Industrial Average closed up 1.5% at 12273, the Nasdaq gained 1.45% to close over 2800, the S&P 500 tacked on 1.39% to close at 1329 and the small cap barometer Russell 2000 Index finished the week with a 2.75% gain wrapping up at 822.
These gains occurred despite a tepid outlook from Cisco Systems (NasdaqGS: CSCO) which reported disappointing earnings and provided weak guidance after the close on Wednesday. Now in the past whenever this bellwether has provided a softer outlook the markets typically would of reacted negatively. But not this amazing bull market, seemingly nothing can spook these markets. That’s spooky in itself. The pundits are also referring to the statistic that the 3rd year of a Presidential cycle is historically a double digit year of gains in equities?
Call it what you will but for me this is simply amazing. Be careful, it’s probably best not to get too caught up in historical data, however there is no denying this bull market right now.
Have a great weekend.