THE BIG PICTURE |
Updated: 22-Jan-13 Analysis of major issues impacting the financial markets.
S&P 500 Is, Like, Totally at All-Time High... Totally The S&P 500 is not at a new all-time high yet, but the S&P 500 is. How's that for a paradox? The clarification boils down to the distinction between the S&P 500 Price Index and the S&P 500 Total Return Index. The former does not include dividends, but the latter does. Hence, the S&P 500 Price Index is not a new all-time high, but the S&P 500 Total Return Index is. This is not a small point. Dividends make a distinct and positive difference for investors. In fact, the S&P 500 Total Return Index has outperformed the S&P 500 Price Index every year for the last 20 years. That is a coy, but nonetheless accurate, way of saying that it pays for long-term investors to embrace total return strategies, particularly in low-return environments but really in all environments as the chart below shows. Some Tax Hike Relief In our 2013 Market View, we indicated that we saw value in total return strategies this year. That statement had as much to do with the potential for a low-return...
To read the full column and all archives you must subscribe to
Calendar Key: Actual refers to the
actual figures after their release. Briefing.com Forecast refers to Briefing.com forecast. Briefing.com Consensus represents the market consensus estimate
for each indicator. Prior represents the last actual for each indicator.
In cases where the release is a revision to an earlier estimate, as
is possible with GDP, productivity, and U of Michigan sentiment, the
last actual refers to the preliminary estimate for the same period.
After a report is released, the Prior column reflects the prior figure
The Revised From column lists the prior number as it
was originally reported, i.e. before revision. Not included: Mitsubishi and Redbook chain store indexes
are released every Tuesday morning. M2 is released every Thursday at
16:30 ET. Trading Impact Briefing.com’s opinion of the trading impact of this particular release.
Briefing.com Consensus estimate provided by Retail Metrics.
Price Reaction is
the percentage price change of the stock on the
first day of trading following the release of
Same Store Sales. The purpose of this data point
is to identify the price sensitivity of a stock
to its monthly same store sales report.
whether company issued upside, downside, in-line
or mixed revenue or EPS guidance in this month's
same store sales release.