Wall Street growing worried the stock market's Trump rally is getting ahead of itself

The stock market's postelection rally may have gone too far, too fast. The S & P 500 surged 4.7% last week, its biggest weekly gain since November 2023. The Dow Jones Industrial Average and Nasdaq Composite also posted strong gains, up 4.6% and 5.7% in the week, respectively. The major averages also hit all-time highs.

"Since 2009, when more than 25% of SPX components hit a 52-week high, 10-day returns have averaged -0.49% and higher just 43% of the time. days later, the SPX has been lower eight of the last ten times averaging a -1.65% return," Krinsky said. The S & P 500 closed Friday's session at 5,995.54 after briefly trading above 6,000 for the first time. Anything more, and investors should take profits, according to Citigroup strategist Scott Chronert.

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