S&P 500 logs first record close in 6 months
The S&P 500 (SPX) closed at an all-time high on Tuesday for the first time since the Covid-19 pandemic hit the United States.
The index, which is the broadest measure of Wall Street, had been hovering in record territory for days but repeatedly fell short of reaching the milestone. But Tuesday it close up 0.2%, the first record since February 19, CNN reported.
The record is a big deal, because it means it only took Wall Street five months to go from the most recent trough - after the pandemic selloff in March - to a new peak. This would make the Covid bear market the shortest in history, at just 1.1 months, said S&P Dow Jones Indices' Howard Silverblatt. Stocks fell into a bear market during the spring selloff.