The S&P 500 in the U.S. has traded above 5,000 for the first time ever, marking a new all-time high for the benchmark stock market index.
The S&P 500 hit an intraday high of 5,000.40 in the last minute of trading on Feb. 8 before closing just shy of the high-water mark at 4,997.91.
However, the latest close marked the S&P 500’s ninth record finish so far in 2024 as U.S. equities continue to rally.
While the 5,000 level has no technical significance, it can serve as a psychological threshold for investors and market observers. Analysts say clearing big hurdles can add to positive market sentiment.
Rising above a 1,000-point milestone is a big feat for the S&P 500 index, which was launched in 1957.
Moving from the 38,000-point level to 39,000 points for the Dow Jones Industrial Average requires a gain of 2.6%. However, an increase from 4,000 to 5,000 for the S&P 500 represents a 25% gain.
It has been more than two-and-a-half years since the S&P 500 cleared the 4,000 level on April 1, 2021.
A milestone for the S&P 500 is also significant as the index is widely considered the main benchmark for U.S. stocks and represents the largest swath of equities in America.
Year-to-date, the S&P 500 has increased 5%.
