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The S&P 500 surpassing its record high prompted us to look at the guts of this bull market and find some of the best performers and underlying trends of the four-year rally.


标准普尔500指数刷新纪录高点,这也促使我们去弄清当前牛市的本质,找出一些表现出众的股票,并发现当前这轮长达四年上涨行情的潜在走势。



The S&P 500 is up 131% from its March 9, 2009, bear-market low of 676.53, making it the sixth best 'bull market' for the index since 1929, according to Bank of America Merrill Lynch.


据美银美林(Bank of America Merrill Lynch)的数据显示,和2009年3月9日触及的熊市低点676.53点相比,标准普尔500指数已经上涨了131%。这也是该指数自1929年以来表现第六好的牛市行情。



Here are five stats to know about the S&P 500's march into record territory, courtesy of our colleagues at WSJ Market Data Group:


为了更清楚地了解标准普尔500指数此轮刷新纪录的上涨行情,《华尔街日报》市场数据部门WSJ Market Data Group总结了以下五项数据:



1. BIGGEST GAINERS: Hotel company Wyndham Worldwide is the S&P 500's top performer since the bear-market bottom. Shares have risen from $3.10 on March 9, 2009, to $64.42 today, good for a 1,984.51% increase CBS Corp. is second, rising from $3.09 to $46.71 Tenet Healthcare Corp Fifth Third Bancorp and Seagate Technology round out the top five best performers. All three have risen more than 1,000% over the past four years.


1. 涨幅最大的一些股票:酒店公司温德姆环球公司(Wyndham Worldwide)是自熊市行情触底以来标准普尔500指数中表现最好的成分股。该股从2009年3月9日的3.10美元一路上涨至目前的64.42美元,累计涨幅高达1,984.51%。排在第二的是哥伦比亚广播公司(CBS Corp.),该公司股票在此期间从3.09美元涨至46.71美元。排在前五位的另外三家公司分别是Tenet Healthcare Corp、Fifth Third Bancorp和希捷技术公司(Seagate Technology)。这三家公司过去四年来均上涨超过1,000%。



2. TOP-PERFORMING SECTORS: The S&P 500's consumer-discretionary sector has been the top performer, rising 233% since the March 2009 bottom. Financials are second, up 192% and industrials are up 172%, rounding out the top three. While tech, materials, health care and consumer staples are in the middle of the pack, each of the four sectors has more than doubled over the past four years. Energy, telecom and utilities sit at the bottom of the pack, although their returns are nothing to sneeze at. Those three sectors are up 88%, 78% and 73%, respectively.


2. 表现最好的类股:标准普尔500指数非必需消费品类股是表现最好的类股,自2009年3月触底以来累计上涨233%。金融类股排在第二,涨幅192%。排在第三的是工业类股,涨幅172%。科技、材料、医疗保健和必需消费品类股排名居中,这四类股票在过去四年均上涨超过一倍。虽然能源、电信和公用事业类股排名垫底,但它们的表现也相当不错,涨幅分别达到88%、78%和73%。



Measuring these figures from the previous peak, on Oct. 9, 2007, are more constructive. Data courtesy of Howard Silverblatt, senior index analyst at S&P Dow Jones Indices, show consumer staples are the top performer from the previous peak, up 40%. Consumer discretionary stocks are a close second, up 39%, while health care is up 25% and tech is up 13%.


将上述数字与市场在2007年10月9日触及上一个峰值水平时的表现相比较更能说明问题。标普道琼斯指数公司(S&P Dow Jones Indices)高级指数分析师西尔弗布拉特(Howard Silverblatt)提供的数据显示,必需消费品类股是上轮上涨行情中表现最好的类股,涨幅达40%。非必需消费品类股紧随其后,涨幅达39%。医疗保健和科技类股分别上涨25%和13%。



The notable laggard is the financial sector, which is still down 49% from the previous October 2007 peak. For all the progress financial stocks have made over the past four years, they still have a ways to go.


值得注意的是,金融类股涨幅落后。金融类股与上次在2007年10月创下的高位仍有49%的距离。尽管过去四年金融类股取得了不俗的成绩,但未来仍有很长的路要走。



3. MARKET CAPITALIZATION: The S&P 500's cumulative market cap at its previous peak was $13.8 trillion in October 2007. That figure fell to $5.9 trillion at the bear-market bottom, but has since rebounded to $13.9 trillion as of yesterday's close, according to WSJ Market Data Group.


3. 市值:标普500指数成分股总市值上一次创下纪录高位是在2007年10月,总计13.8万亿美元。熊市见底时,这个市值规模缩水到5.9万亿美元,但此后便一路反弹。据《华尔街日报》市场数据部门Market Data Group统计,截至27日收盘,该市值规模达到13.9万亿美元。



When it comes to market caps, the battle between Apple Inc. and Exxon Mobil for the top spot has gripped investors over the past year. When Apple shares spiked above $700, the company had a more than $200 billionadvantage in market cap over Exxon. That lead vanished during Apple's six-month slide and recently the two have been jockeying back and forth. Per FactSet data, Apple currently has a market cap of $424 billion, while Exxon's market cap is $405 billion.


在市值方面,苹果(Apple Inc.)和埃克森美孚(Exxon Mobil)对全球最高市值宝座的争夺战过去一年吸引了投资者的注意。当苹果股票飙升至700美元以上时,该公司市值曾一度领先埃克森美孚超过2,000亿美元。后来苹果股价格连续六个月下滑,这2,000亿美元蒸发殆尽。近来两家公司一直在轮流"坐庄"。据FactSet统计,苹果市值目前为4,240亿美元,埃克森美孚的市值为4,050亿美元。



4. DOW/S&P 500 RECORD CLOSES: The Dow and the S&P 500 have both closed at a record on the same day 601 times in their history, according to WSJ Market Data Group. The last time both indexes finished at all-time highs was Oct. 9, 2007.


4. 道指和标普500指数收盘双双创下纪录:据《华尔街日报》市场数据部门Market Data Group统计,道指和标普500指数历史上601次在同一天创下收盘纪录。上一次它们双双破纪录是在2007年10月9日。



5. TOTAL RETURN: The S&P 500 is getting plenty of attention for crossing above an all-time high, but when dividends are included, this milestone is old news. On a total-return basis, which includes dividends, the S&P 500 has been hitting record highs since April 2, 2012. It hit a total of seven records last year and 26 so far this year, as of yesterday's close, according to WSJ Market Data Group.


5. 总回报:标普500指数因突破历史最高点而吸引了大量关注,但如果考虑到股息,这个具有里程牌意义的点位则只能算是"旧闻"了。按照总回报(包括股息在内)计算,标普500指数自2012年4月2日以来就不断刷新历史纪录。据《华尔街日报》市场数据部门Market Data Group统计,去年该指数共七次创下纪录,今年截至27日收盘,共创纪录26次。



Steven Russolillo