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.
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.