Wall Street could be in for another solid quarter as stocks have embarked on a strong start to the year.
Specifically, in the second quarter, the S & P 500 was higher 9 out of 11 times, averaging a 2.7% gain.
Significantly, two occurrences of those 10% first-quarter gains Detrick reviewed took place during election years, with the S & P 500 ending higher on the year.
In 1976, the S & P 500 went on to register a 1.5% increase in the second quarter, and a 4.6% jump for the rest of the year.
The Wall Street firm maintained its year-end S & P 500 target of 5,050, representing a 3.8% slide from Wednesday's close.
Persons:
Ryan Detrick, We've, there'd, Detrick, CNBC's, Research's Sam Stovall, Stovall, Piper Sandler, Craig Johnson, Brian Nick, Nick, John Stoltzfus, Ayako Yoshioka, Yoshioka, CFRA's Stovall, FactSet
Organizations:
Nvidia, VanEck Semiconductor, Dow Jones, Carson Group, Macro, PMI, Manufacturing, ADP, Survey, Services PMI, Weston Holdings, Conagra Brands, Consumer Credit
Locations:
U.S