As goes January, so goes the year — the widely-watched 'January barometer' suggests a correlation between January's performance and full-year returns.
Going back to 1950, when the S&P 500 was positive in January, 86% of the time, the full year turned out to be up, according to Stock Trader's Almanac.
The stock sell-off deepened on the last day of January on concerns that the deadly coronavirus will disrupt the global economy and in the process, ruining an old market indicator that was signaling a positive year. Friday's losses cut the January returns for the S&P 500 to just about flat, while the Dow Jones Industrial Average has turned red on the month, setting up a fuzzy signal for 2020 based on the barometer.Investors were caught off guard in the middle of January when the coronavirus spread from China to the U.S., causing a broad sell-off in risk assets.
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