The S&P 500 rose to an all-time high on Tuesday, capping off its incredible recovery from the coronavirus-induced sell-off that knocked it off its previous record back in February.
The broader market index climbed 0.2% to 3,389.78, a record close. It also notched an intraday all-time high, reaching 3,395.06 earlier in the day.Â The S&P 500’s move into record territory came after the index flirted with its all-time closing high for more than a week. It also confirms the start of a new bull market.
“There has been a lot of good news seemingly validating” this move higher, said Andrew Slimmon, managing director at Morgan Stanley Investment Management. Slimmon noted the economic data has been strong recently and corporate earnings have topped analyst expectations.
S&P 500 closed at a RECORD high today, fully wiping out its losses from the Coronavirus! This is the great American comeback!
— Mike Pence (@Mike_Pence) August 18, 2020
S&P 500 joins the NASDAQ at all-time record high
— Charles V Payne (@cvpayne) August 18, 2020