Bullish Super Bowl Theory Hits Snag as S&P 500 Extends Decline
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The Denver Broncos aren’t the only thing taking a beating today.
While pet theories abound on what the Super Bowl means for markets, one cites data showing the benchmark gauge for American equities has climbed 0.67 percent on average in the week after the game, compared with 0.1 percent in the five days preceding it, according to data compiled by Manassas, Virginia-based CXO Advisory Group LLC and Bloomberg from 1967 to 2013. The index slumped 1.9 percent as of 1:25 p.m. today after a gauge of manufacturing fell more than estimated.