S&P 500 Scores New Record High

Daniel Banas  |

Update: The S&P 500 closed at a new all-time high of 2137.16 on Monday, fading a bit off the high of the day into the close. The successful close also ends the over year-long correction started in May 2015.

The S&P 500 hit a major milestone today, as the index reached a new all-time intraday high in early trading, extending its gains since the Brexit dip. Last week’s jobs report, which came back well above expectations, also helped to spur the bullish momentum. The S&P 500 jumped as high as 2143.16, topping the previous high of 2134.72 in May 2015. If the numbers hold until markets close today, it will top the closing record of 2132.80 set on May 21, 2015. The record performance is particularly noteworthy, as the S&P has gained more than 16% since falling to a yearly low in February.

The Dow is also up 112 points to 18259.29 as of this writing - only 53 points from its record close of 18,312.39, while the Nasdaq is up 0.8%, as it flirts with breaking into the black for 2016. Perhaps most encouraging indicator is that much of the gains come from the tech sector, as technology shares in the S&P 500 outpaced the S&P as a whole, rising 0.8%

So What’s Behind the Robust Market Performance?

Well, last Friday’s impressive jobs report certainly helped lift markets on Monday. However, more broadly, the market comeback appears to indicate that in the midst of global uncertainty (fissures in the EU, sagging growth in China, the continuing slump in oil prices, etc.), investors are still willing to bet on the strength of the US economy.

We’ll get a sense of how well-placed that confidence is later this week, as major companies like Alcoa (AA), BlackRock (BLK), JP Morgan (JPM) and Wells Fargo (WFC) are scheduled to report their earnings.

(Photo by Alamy)

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Companies

Symbol Name Price Change % Volume
AA Alcoa Corporation 15.51 -0.78 -4.79 7,815,114 Trade
BLK BlackRock Inc. 536.84 -5.10 -0.94 751,151 Trade
WFC Wells Fargo & Company 47.57 -0.65 -1.35 21,239,603 Trade
JPM JP Morgan Chase & Co. 133.15 -3.39 -2.48 15,166,392 Trade

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Watchlist

Symbol Last Price Change % Change
AAPL

     
AMZN

     
HD

     
JPM

     
IBM

     
BA

     
WMT

     
DIS

     
GOOG

     
XOM

     
BRK.A

     
FB

     
JNJ

     
WFC

     
T

     
NFLX

     
TSLA

     
V

     
UNH

     
PG

     

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