NEW YORK — The stock market’s bull run turned six on Monday. The anniversary was marked with modest gains.
Stocks were rebounding from a big sell-off Friday, when the market slumped after an unexpectedly strong jobs report. The healthy hiring picture bolstered speculation that the Federal Reserve will raise its interest rates sooner than had previously been expected.
On Monday, General Motors was among the biggest gainers after announcing a $5 billion stock buyback plan. Deal news also gave the market a boost. Macerich, a real estate investment trust, jumped after bigger rival Simon Property made a hostile bid for the company.
Stocks are becoming more volatile as investors try to assess when the Federal Reserve will start to raise interest rates and the impact that will have on the economy. The Fed has kept its benchmark lending rate close to zero for six years, underpinning the run in stocks that stretches back to March 2009.
“Every time the market settles in on what the Fed will do, it gets spooked,” said Jim Dunigan, chief investment officer at PNC Asset Management. “Today, that anxiety subsided a bit.”
The Standard & Poor’s 500 index rose 8.17 points, or 0.4 percent, to 2,079.43. The Dow Jones industrial average gained 138.94 points, or 0.8 percent, to 17,995.72. The Nasdaq composite climbed 15.07 points, or 0.3 percent, to 4,942.44.
The S&P 500 has tripled since bottoming out at 676.53 six years ago in the wake of the housing market collapse and the Great Recession. The streak of gains is the fourth- longest since the 1940s and has pushed the stock market to record levels.
Despite those sizable gains, few analysts are calling for an end to the bull market just yet. Scott Wren, a senior global equity strategist at the Wells Fargo Investment Institute, says investors should still take advantage of any sell-offs to add to their positions. “Overall, you’re still going to get out of this year with good, but not great returns,” Wren said.
