Will S&P 500 Hit 5-Day Record High? CNBC Discusses
NEW YORK (TheStreet) -- If the S&P 500 closes higher today it will mark a five-day rally record not seen since 1998, CNBC's Bill Griffeth reported on "Closing Bell" Friday.
"We have a shot at making that five-day record, best since 1998 as you mentioned," CNBC's Bob Pisani said.
For the past four consecutive days, the S&P gained about 1.5% overall, according to Pisani.
"This has been a very important week. The S&P 500 essentially at a historic high. Bank earnings have beat, that's a huge story. Retail sales and industrial production today were better than expected and we've got an IPO market that's finally showing signs of life," Pisani commented.
Investors were concerned about banks a few weeks ago after Brexit, but the banking sector is up 5% for the week, he noted.
Also, utilities went lower this week which were considered a safe haven for investors just one week earlier, Pisani added.
"So things have really changed around," he stated.
Currently, the S&P is lower by 0.05% to $2,162.77 late this afternoon.