S&P Ties Record High

On Tuesday, the S&P 500 hit an all-time high, matching the longest bull market ever. The S&P 500 crossed 2,872.87; the last time it reached that level was January 26, although it ended the day at 2,862.96.

The bull market has lasted 3,453 days; on Tuesday it matched the record from October 1990 to March 2000. The S&P has risen over 7% since January 1.

Marc Chaikin, CEO of Chaikin Analytics told CNBC, "Nobody believed in this bull market and they still don't," adding that many people "were left so scarred by the crisis they didn't get on board." He commented, "We have an economy that is not overheated and rates are still low. Couple that with the fact that people keep finding reasons to hate this market, that is a perfect storm for more gains."

The Dow Jones Industrial Average closed at 25,822.29, only 3% under a record high. The Nasdaq Composite rose 0.5%; the Nasdaq closed barely 1% under a record high. The Russell 2000 climbed to a record high.

 
 
 

What's Your Reaction?