Market Conditions Resemble Those of the 1990s: Is History Repeating Itself?

Despite the distraction of the administration’s incipient trade war, U.S. equities have quietly managed to grind higher over the past few weeks. The S&P 500 index climbed 1.5 percent last week for the second week in a row. And since briefly piercing its 200-day moving average on April 2, the index has risen 8.5 percent, and now sits at its highest level since February 1, up 4.8 percent on the year. During the most recent two-week stretch each of the index’s eleven sectors are positive, but it has been the healthcare and technology sectors that have led the way, followed by telecom, consumer discretionary and industrials.


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