S&P 500 new record high

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The S&P 500 index closed at a record high on Friday, January 19, 2024, marking its first record close in over two years. The benchmark index rose 1.2% to close at 4839.81, surpassing the previous record set in January 20221245. This record-breaking performance was driven by a rally in technology stocks and other heavyweight sectors238. During the trading session, the S&P 500 also reached an intraday high of 4826.91, breaking the previous intraday record of 4818.62 set in January 202268. The technology sector of the S&P 500 notably gained 2.4% on Friday, with shares of AI companies like Nvidia and Meta Platforms closing at new record highs8. This record close comes after a period of 513 days without a record closing high for the S&P 500, marking the end of the longest stretch without an all-time closing high since a 1,375 trading-day period6. The record-breaking performance of the S&P 500 is seen as a positive sign for the stock market, with some analysts suggesting it could indicate a breakout to a new up leg6. The record high was also influenced by rising consumer confidence and easing inflation concerns. The University of Michigan's monthly consumer sentiment index rose significantly, reaching its highest level since July 20217. This increase in consumer sentiment, along with expectations of a slowdown in the rate of inflation, contributed to the positive market sentiment7.
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