As we approach the final month of 2024, we have seen an impressive number of stocks perform well, with 387 stocks showing positive returns year-to-date so far.
Here’s the chart:
(right-click and open image in new tab to zoom in)
Let's break down what the chart shows:
The dark blue bars represent the year-to-date returns of each S&P 500 stock.
The light blue bar indicates the average year-to-date return of S&P 500 stocks.
The yellow bar represents the S&P 500 year-to-date return.
The Takeaway: Bears have been claiming that market breadth has been narrow throughout 2024. That is simply incorrect! Market breadth has been and continues to be strong in 2024. The data supports this.
A total of 387 stocks have posted positive returns this year, with 184 of those stocks outperforming the S&P 500. In contrast, only 118 stocks have posted negative returns during the same period.
The S&P 500 has gained 26% year-to-date, while the average stock has increased by 20.6%. These figures are considerably higher than the yearly average! This kind of data is what we expect to see in a bull market, which explains why new lows are virtually nonexistent.
