Perhaps Wall Street is beginning to reflect the true state of the economy? Twenty-six days, the longest stretch without a gain in back-to-back S&P sessions since 1994. Via Bloomberg –
The S&P 500 slipped 1.5 percent to 2,061.05 on Wednesday. The gauge hasn’t increased for two straight days since Feb. 17, including a three-day retreat of 2.2 percent since closing within 10 points from a record high on Friday.
Flat for the year, the benchmark U.S. equity index sits at a level it first reached on Nov. 21. Since then, stocks in the gauge rose as much as 2.6 percent to an all-time peak of 2,117.39 before sliding back to the current price.
Investors never came close to a streak like this one last year. The longest stretch without back-to-back gains in 2014 was 11 days, data compiled by Bloomberg show.