S&P 500 surpasses 5,000

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On Friday, February 9, 2024, the S&P 500 index closed above 5,000 for the first time, marking a significant milestone in the history of the stock market. The index closed at 5,026.61, up 0.57%1. This achievement is seen as a testament to the market's resilience and a sign of a healthy economy1. The S&P 500's performance has been bolstered by signs that the Federal Reserve has ended its rate hikes and by excitement around advancements in artificial intelligence, which has pushed up companies' stock prices1. The upward move is heavily tied to a handful of companies, with Microsoft, Apple, and Nvidia making up 18% of the S&P 5005. However, some strategists caution that the index may not maintain its position above the 5,000 mark immediately. It may take some time before the index finds its footing above this level1. Despite this, the milestone is seen as a psychological boost for the market1. The S&P 500's achievement comes after a solid earnings season, easing inflation data, and a resilient economy7. The index's performance following nine other major milestones has generally been positive, with a 12-month average return of 10.4%1. This milestone represents a gain of 25% from the move from 4,000 to 5,000 for the S&P 5006. It took more than two-and-a-half years, or 719 trading days, since the S&P 500 cleared the 4,000 level on April 1, 20216. This is the index’s longest stretch between 1,000-point milestones since the nearly five years between its 2,000 and 3,000 point levels, from August 2014 to July 20196. While this milestone is significant, it's important to note that the S&P 500's performance is not the only indicator of the health of the economy or the stock market. Other factors, such as corporate earnings, inflation data, and economic resilience, also play crucial roles7.
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