The S&P 500 closed at its highest level ever, a rebound fueled by massive government stimulus and optimism about the world's ability to manage the pandemic
The benchmark U.S. stock index surpassed its prior record of 3386.15 from Feb. 19, erasing a historic plunge during February and March that ended the longest-running bull market in history. The S&P 500 is now up about 5% this year.
The whole chapter, from peak to peak, spanned just 126 trading days and marks the index’s fastest-ever recovery from a bear market. The record also ends a week of anticipation for analysts and investors who had watched the S&P 500 cross the milestone several times in intraday trading only to pull back.
Shares of everything from big technology companies to beaten-down energy stocks have rebounded sharply from their troughs. Amazon.com Inc. shares have extended their gains for the year to nearly 80%, while Halliburton Co. has more than tripled from its March low and cut its 2020 losses to roughly 33%. Clorox Co. has been among the winners of the pandemic, climbing nearly 50% this year.
The stock market’s turnaround reflects investors’ bets on a pickup next year in corporate earnings and economic activity. But many are struggling to reconcile the gains with the continuing health crisis that has killed more than 170,000 people in the U.S. alone, sent unemployment to the highest level since the Great Depression and spoiled the longest-ever economic expansion.
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