Ten Years Have Passed Since the Market Bottom Of March 9, 2009
by Julie Jason on Mar 9, 2019
The S&P 500 Index closed at 676.53 on March 9, 2009. Exactly ten years later, March 9, 2019, happens to be a Saturday. So, the ten year mark is officially measured as of yesterday, March 8, when the S&P closed at 2743.07, according to data provided by S&P Dow Jones Indices, publisher of the index.
But, is this a 10-year bull? According to CFRA's US Investment Policy Committee Notes Issued March 6, 2019, "The S&P 500 will have to close above the September 20, 2018 high of 2930.75 before it can officially claim to have lasted a full 10 years."
"it eventually will," notes CFRA. "The S&P 500 currently appears to be catching its breath after sprinting ahead by more than 11% in price since the start of the year. Even though investors continue to monitor quarterly EPS growth expectations for signs of an earnings recession, identified by two successive quarters of EPS decline, none is on the horizon. Q2 growth is still expected to be positive, thus overruling the projected year-on-year decline of 1.8% anticipated for Q1. Plus, a successful conclusion to the U.S./China trade dispute could allow EPS forecasts to pull out of their YTD tailspin and thus avoid a crash landing."