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Forbes
Forbes
12 Jan 2024


The S&P 500 rose above 4,800 for the first time in just over two years Friday, trading just shy of the benchmark stock index’s all-time high and capping the market’s semi-miraculous gains amid a challenging macro environment.

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The S&P 500 has officially emerged from losses associated with higher interest rates.

AFP via Getty Images

The S&P gained as much as 0.5% in Friday morning trading, touching 4,802.24, its highest intraday level since January 4, 2022.

The index now sits just less than 0.5% shy of its prior intraday high of 4,818.62 set in January 2022 and is on pace to test its record close of 4,796.56, also set that month.

Driving Friday’s modest gains was an encouraging secondary inflation reading which showed wholesale prices declined for the third straight month, sending medium-term bond yields down significantly as bets on rate cute intensified.

The S&P has gained some 25% since bottoming at about 3,500 in October 2022, when investor concerns peaked about how severe a monetary policy stance would be needed to bring inflation down from a four-decade high. The stock recovery actually coincided with the highest interest rates since 2001, as investors shifted focus toward impending rate cuts and what the change in policy would mean for companies with already strong earnings. The blue chip Dow Jones Industrial Average hit a new all-time high level last month, while the tech-heavy Nasdaq remains about 6% below its 2021 peak.

7.5%. That’s the S&P’s average gain over the last 20 years, excluding dividends. Such a return in 2024 would send the index over 5,000 for the first time ever.