S&P 500 hits record high completing recovery from COVID-19 crash

The S&P 500 index today hit a new all-time high, completing its recovery from the stock market crash caused by the onset of the COVID-19 panic in February. The S&P 500 index was up at 3,394.99 points at 9:48am EDT, topping the high of 3,393.52 hit on February 19, 2020.

S&P 500 hits record high completing recovery from COVID-19 crash. Image: stock chartReuters:

The tech-heavy Nasdaq Composite in June was the first of the three major U.S. stock indexes to reclaim record highs as investors gravitated to stocks including Amazon.com and Netflix seen as stay-at-home winners from COVID-19 lockdowns.

On the day, the S&P 500 gained 0.4% putting it up about 55% from March’s lows. The Nasdaq gained 0.6% to hit a record high and the Dow Jones Industrials, which is still about 6% off its February highs, added 0.1%. Of the 11 major S&P 500 sectors, the technology index , which includes Apple Inc and Microsoft Corp , has climbed about 25% this year, while the consumer discretionary index, which includes Amazon, has jumped 22%.

Closing at a record high, according to a widely accepted definition, would confirm that the S&P 500 has been in a new bull market since its pandemic low on March 23.

MacDailyNews Take: It’s amazing how much can change in a few short months! Hopefully, this recovery will continue.

29 Comments

          1. Like Fortnite I could sue Apple however Apple, has put me into 7 digits many times, how about you. Party affiliation, and hugging a weapon doesn’t matter when it comes to saving and investing long term….

  1. Americans must not continue to die unnecessarily. Adults must resume employment and our youth return to school. Locking down America while awaiting an imperfect vaccine has done far more damage to Americans than the coronavirus. We are confident that thousands of lives would be saved with early treatment of high-risk individuals with a cocktail of hydroxychloroquine, zinc, and azithromycin. Americans must not live in fear. As Dr. Harvey Risch’s Newsweek article declares, “The key to defeating COVID-19 already exists. We need to start using it.”

    Very Respectfully,

    George C. Fareed, MD
    Michael M. Jacobs, MD, MPH
    Donald C. Pompan, MD

    Open letter to Dr. Anthony Fauci regarding the use of hydroxychloroquine for treating COVID-19

  2. Mistakenly, Trump uses the stock market’s rise as a report card for his success. Though I’m pleased it’s gaining, (irrationally overweight AAPL), it’s not necessarily a sign of a healthy and balance econ.

    The market is rising and has been rising because of infusions…not because of fundamental economic data. Take these away and there’s no way the fundamentals support the gains.

    1. So what? The stock market surge was the only thing Obama had to tout regarding his economic success as well. With regard to unemployment numbers dropping, big government (15,000 IRS agents for ACA) and McDonald’s are the reasons Obama had to be thankful.

      1. What a foolish, non-substantial comment…as you try to support your team.

        Both O and Don had/have mis-used the stock market. Debt is the fuel…the debt-firebox was loaded heavily by O and continues to be so with Don. The infusions are nothing but debt upon debt, but the market doesn’t care…it’s money that feeds the monster for a little while longer.

        Focus…the ACA wasn’t part of the discussion.

    2. The stock market has nothing to do with poor folks, the average 9 to 5 worker or most people in the middle who don’t own stock, it is a vehicle by which those who already have money (the Gentry) can get richer.

      It is only loosely connected to main street, don’t be misled into believing there is one to one connection there isn’t.

      What is the % of Americans who DIRECTLY own stock and no a all fund account (IRA) does not count, to MAX your returns you must have direct ownership of stock shares, be in it to win, your party, race, religion, does not matter. Note they use too but in the age of internet trading they don’t matter, VC’s however those things still do matter.

      1. Yes, the “infusions,” or the Fed’s stilting/buying up debt, benefit the people that hold those assets (this includes APPL, and the rest of the FAMNG)…because it includes bonds and stocks. With these stocks making up 20% of the S & P, it’s no wonder they are all in record territory. In essence, people that have $$ benefit the most, or those in the place of managing the $$.

        “Main street” people are benefitting from the PPP, but most aren’t using the $$ to invest in stocks, bonds, etc. It’s not impossible to own stock as a “main-streeter,” but most don’t have the saver’s mindset anyways, so they’d dump shares when high to buy a new car, or…. Saving is not heralded.

        This process has been going full steam since the ’08 challenge, but it wasn’t the start. Things started to really become unleashed around the change of gold as standard.

  3. 170,000 dead and counting. An accomplishment neither Obama nor Biden could duplicate. It takes a stable genius to kill that many fellow Americans and then whine about not receiving the Nobel Peace Prize for it. LOL

      1. No, not New York. New Jersey is higher. New York is only second. But, NY is TRIPLE the rate of the entire US. TRIPLE. Is that Trump’s fault? Nope. Did Trump order infected patients into nursing homes? Nope. That was Cuomo. Triple! MORE than triple, in fact! Cuomo killed the parents and grandparents of NY.

        1. Considering that NYC alone holds 3% of the entire population of the USA, what were you expecting? All urban centers around the world endured significant COVID-19 outbreaks. London was vastly worse than NYC.

          Now however many of the rural communities led by Trumpistas have seen their emergency rooms flooded with victims from Florida to Texas to South Dakota. Who would have guessed that the virus spreads where humans gather closely and it doesn’t give a fig about your petty politics?

          Only state and local leaders, Cuomo among them, have recognized and acted to fill the massive lack of federal response in funding testing resources and protective equipment. To this day, the federal administration has yet to bring full American industrial power toward getting coronavirus tests available and cheap for everyone, not just the emergency rooms and pro sports teams. Why are college sports cancelled for the autumn season? Because accurate and fast tests aren’t available. It’s almost certain that healthy athletes will spread the virus at every practice and every game to the support staff and spectators who aren’t so healthy. Think about it. Why does our executive consider Tik Tok and the post office and China bashing more important issues right now? Because orange painted con men don’t care as much about Americans health as his remaining shrill loud supporters would like to believe. They think they gotta give the flip flopping idiot 4 more years to figure out how Mexicans will pay for the medieval moat. They won’t admit that US corporations to this day continue to flaunt immigration law when it comes to employment for low wage workers in their meat packing facilities, farms, and factories. Has this administration bothered to levy fines on those rich corporate sanctuaries? Why not? Incompetence or campaign finance? You know the answer. Once a con man, always a con man.

Reader Feedback

This site uses Akismet to reduce spam. Learn how your comment data is processed.