On Friday, the S&P 500 reached an all-time high, with investors demonstrating strong interest in equities following a brief stumble at the beginning of the year. The S&P 500 surged by 1.23% to close at 4,839.81, surpassing previous intraday and closing records. Similarly, the Dow Jones Industrial Average, which set its own record at the end of the previous year, gained 395.19 points or 1.05%. The Nasdaq Composite also saw growth of 1.7%, while the tech-focused Nasdaq-100 climbed 1.8% to reach a record high.
All three major stock indices are now in positive territory for 2024, and the Dow Jones Industrial Average turned positive during the Friday rally. After experiencing a 19% loss in 2022, the S&P 500 rebounded strongly in 2023, achieving a 24% gain as the economy successfully avoided an anticipated recession and inflation stabilized, allowing the Federal Reserve to halt interest rate hikes. Although the S&P 500 came close to reaching a record after a robust rally in the fourth quarter, it fell slightly short. The market experienced a brief pause at the start of 2024 as investors booked profits in prominent tech companies such as Apple.
However, there has been a recent resurgence in demand for these tech leaders, and Friday’s milestone confirms that the stock market is officially in a bull market that began in October 2022, rather than a temporary bounce within a bear market. Since reaching its low point, the S&P 500 has risen by more than 35%.
Source (CNBC)
