Tag: Record high

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S&P 500 closes above 5000 for the first time

Stoks chart up

The S&P 500 climbed to a new all-time high of 5026 on 9th February 2024

Stocks rose on Friday 9th February 2024 after December’s revised inflation reading came in lower than first reported, and the S&P 500 closed above the key 5,000 level as strong earnings and economic news came in.

A solid earnings season, easing inflation data and a resilient economy have charged 2024′s market rally. It propelled the S&P 500 to close above the 5,000 level after first touching the milestone during the trading week. The index first crossed 4,000 in April 2021.

We are enjoying good news at an economic and earnings level, and the market is reacting positively. The longer the good news story plays out, the more likely it will be that the market will hold from here.

But it won’t take much to spoil the party, right now I don’t know what that might be…?

S&P 500 1-year chart 9th February 2024 – new all-time high of 5026

S&P 500 1 year chart 9th February 2024 – new all-time high of 5026

FOMO or the fear of missing out is likely playing its part here too.

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S&P 500, Nasdaq 100 and Dow all hit new highs!

S&P 500, Nasdaq 100 and Dow all up at new highs!

The S&P 500 climbed again Wednesday 7th February 2024 and edged ever closer to the 5,000 level.

S&P 500 hit a new high of 4995

S&P 500 hit a new high of 4995 on 7th February 2024

The index, which first breached the 4,000 level in April 2021, added around 0.82% to close at 4,995.06. During session highs, the S&P hit 4,999.89. Quarterly results signalled a thriving U.S. economy.

The Nasdaq 100 jumped to a new high of 15,755

The Nasdaq 100 jumped to a new high of 15,755 on 7th February 2024

The Dow Jones Industrial Average rallied 156 points to close at 38,677 and an all-time high

DJIA closes at new high of 38677 on 7th February 2024

Euphoric

Are investors getting swept away with the latest wave of AI related tech results? Quite possibly, as some of what we’re seeing could be based on FOMO (fear of missing out) as traders/investors don’t want to be left behind like they were last year.

However, one undeniable fact is that the U.S. economy isn’t facing as recession any time soon as predicted by many.