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Ben Carlson: When Does The Stock Market Goes Up?

FYI: A reader asks:

I read something this past week that, while I trust the source, it seems hard to comprehend, let alone believe… that virtually all of the nearly 30% gain in the S&P 500 since ‘17 has come outside of normal US market trading hours. More specifically, that since January ‘17 just 2% of the return occurred between 9:30am and 4pm EST – amidst the normal hysteria of a given day’s headlines on cable and financial news.

Have you heard/seen this kind of data before? And if accurate, what are your thoughts?

The idea here is the bulk of the gains in the stock market have come after the market is closed. So if the market closes at 100 one day, if it opens the next day at 101, that means there was a 1% gain that occurred outside regular trading hours.
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