Russell is still raging
Today was the best-ever day for small-cap stocks. Never before has the Russell 2000 rallied so much on a day it scored an all-time high. The only date since 1979 when it jumped more than 3% at a record high was February 29, 2000, which obviously isn't a great precedent. Using total return (including dividends), it gets a little easier to see big gains, but even then today would go down as the greatest of all time. Of the 15 other times since 1926 when a total return small-cap index rose more than 2.5% to an all-time high, it added to the gains over the next week 73% of the time, but 3 months later was positive only 57% of the time, averaging +2.3%.
