Stocks wrapped up one of their strongest Augusts ever on Tuesday, putting the S&P 500 on track for more closing highs in 2021 than any other year on record, but September—the weakest month for stocks historically—is likely to challenge the rally with ongoing concerns around the delta variant of Covid-19 and a highly anticipated Federal Reserve meeting that could spell out the end of pandemic-era monetary stimulus....
"The incredible bull market continues," LPL Financial Chief Investment Strategist Ryan Detrick wrote in a Tuesday note, pointing out the S&P has hit 53 new all-time highs so far this year, topping a previous record from 1964. "The market rarely stays quiet for this long," says Lindsey Bell, chief investment strategist at Ally Invest, adding sell-offs have been"so elusive" that the market's gone 10 months without a 5% drop in stocks, marking only the fifth time that's happened in 20 years.
the central bank will announce an end to its pandemic-era relief, particularly the $120 billion in monthly asset purchases that have propped up the economy—and stocks."While it hasn’t caused any big swings yet, the Fed’s plans may be tough to digest against a backdrop of rising Covid cases and slowing economic data," says Bell.
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