Innovest's January Market Commentary
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After a nearly non-stop rally since March 2009, the stock market changed direction and closed in the red for the first month of the New Year. The S&P 500 Index began the month with a decent start and reached a new high in mid-January. However, in January’s final two weeks the S&P dropped nearly 7% and closed the month down 3.6%.
The mild profit taking in large caps spread to other major S&P equity indices. The S&P 400 Mid Cap Index and S&P 600 Small Cap Index lost 3.21% and 3.38%, respectively. Many formerly larger-companies moved into the mid-cap space during the 2008 bear market and some.
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