US stocks surged to new highs on Wednesday, as Wall Street corporate earnings came in better than expected.
In week that followed these occurrences, the median return for the S&P 500 is 0.16%, while the median return over the one- and three-month periods that follow clocked in at 1.23% and 3.42%.
The S&P 500 has been rising so quickly, it has already topped or matched some of the Wall Street analyst's year-end 2018 targets, The median target is now 2,975 for year-end, about a 6 percent gain from current levels.
The reversal took place as concerns of a government shutdown loomed over investors' minds. The Dow closed 10 points lower after rising as much as 283 points and breaking above 26,000 for the first time.
The S&P 500 posted 84 new 52-week highs and 11 new lows; the Nasdaq Composite recorded 120 new highs and 22 new lows. The Nasdaq Composite added 75 points, or 1.03%, to 7,298.
The Standard & Poor's 500 index rose 13 points, or 0.5 percent, to 2,790.
SPDR Dow Jones REIT ETF (RWR) Rises 0.79% for Jan 16
The institutional investor owned 2,273 shares of the exchange traded fund's stock after selling 409 shares during the period. In late afternoon trading, the Dow Jones Industrial Average had lost momentum and was down 0.11 per cent at 25,775.87.
Stocks are moving higher on Wall Street as the market makes up some of the ground it lost a day earlier. Congress needs to pass a spending bill by the end of Friday to avoid a government shutdown.
Goldman Sachs was down 2.2 percent after posting its first quarterly loss in six years on tax-related charges and a sharp drop in trading revenue.
Bank of New York Mellon fell 4.1 percent after the custodian bank said it expected to book more in severance costs in 2018.
Alcoa tumbled 7 percent after the company reported a wider loss in the fourth quarter.
European bourses opened lower, mirroring moves in Asia and Wall Street overnight, as earnings updates from companies weighed. Technology and consumer staples led gains for the day.
The Dow Jones industrial average rose 173 points, or 0.7 percent, to 25,966. Australia's S&P/ASX 200 added 0.1 percent to 6,024.40 and South Korea's Kospi rose 0.4 percent to 2,524.62. Wyndham gained $5.60, or 4.8 percent, to $122.73.