The S&P 500 may surpass its 2013 performance and notch its best calendar-year gains since 1997.
U.S. stocks continue to notch record highs in the wake of a limited U.S.-China trade deal announced last week and as economic data from job gains to housing starts suggest that the American economy is holding up nicely in the fourth quarter of 2019.
“It may not be a high probability, but this could happen,” said JJ Kinahan, chief market strategist for TD Ameritrade AMTD, -1.65% , adding that options activity showed the market was placing a 13% chance that the S&P 500 will end the year at 3,250, and a 23% chance that it would surpass that level sometime between now and the end of the year.
For context, 1997 was the year the movie “Titanic” debuted in the theaters and Elton John’s remake of “Candle in the Wind” — rewritten to commemorate Princess Diana after her death that August — was the best selling single of the year; music you couldn’t have streamed on Spotify SPOT, -0.44% or even downloaded on Napster, which was still about two years from invention.
And it was so long ago that it was even possible for a human to beat a computer in chess, though by May of 1997 IBM’s IBM, +0.14% Deep Blue supercomputer had proven its supremacy by beating then world-champion Garry Kasparov in a six-game match.
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