The stock market was mixed on Friday, but NASDAQ registered a fresh record high as it increased 0.2% to 16,429. In contrast, S&P 500 fell 0.1% to 5,234. Nevertheless, major indices notched weekly gains driven by the result of the Federal Reserve’s meeting.
While the central bank left interest rates unchanged, it signaled that cuts are coming this year.
Tweet of the Day
38% of all stocks in the S&P 500 made a new 20-day high yesterday, the most this calendar year.
This hit >60% on 12/1/23 and we noted at that time how rare and extremely bullish this was.
Higher a yr later 15 out of 15 times and up 18% on avg.
Well on the way to 16 out of 16. pic.twitter.com/RImeULf2PM
— Ryan Detrick, CMT (@RyanDetrick) March 22, 2024
Chart of the Day
Here is the ten-year chart of Grainger (GWW) as of February 20, 2024, when the stock was at $935.
Grainger stock really caught fire recently as the shares are up from around $700 to around $935 in the past six months. And there’s really no new news on the company. It just seems investors have finally started to appreciate the stock more. Two quarters ago, with the stock at $707, the P/E was just 20. A 20 P/E was too low. This quarter the stock is $935 and the P/E is 24, which is where David Sharek, Founder of School of Hard Stocks, feels the P/E should be.
GWW is part the Conservative Growth Portfolio.
