It’s been a textbook bear-market rally.
According to Bank of America's chief investment strategist, the average S&P 500 index gain since 1929 has been 17.2%, and it’s lasted 39 trading days. This one has seen a 17.4% gain in 41 days.
Stocks tumbled on Friday as Wall Street’s summer rally faltered and rate hike fears resurfaced, leading the major averages to end the week on a sour note.
The Dow fell 0.86%.
The S&P 500 tumbled 1.29%.
The Nasdaq plunged 2.01%.
The investment seeks to provide investment results that, before expenses, correspond generally to the price and yield performance of the S&P 500 Index.
The Trust seeks to achieve its investment objective by holding a portfolio of the common stocks that are included in the index , with the weight of each stock in the Portfolio substantially corresponding to the weight of such stock in the index.