Stock market investors must be enjoying watching the stock market perform so well. Especially after so many years of not-so-good results! It wasn't long ago that the Dow hit a new record high and it has continued to go up.
The S&P 500 is about to beat its own record that was set back in 2000! It doesn't sound like a long time ago but it has been 7 years!
Here's a little news shared from USA Today on the subject:
Seven years after hitting its all-time high, the S&P 500, the large-company stock index that has been overshadowed by the blue-chip Dow's 21 record closes this year, is just 15 points away from posting a record of its own.
While S&P 1527.46 doesn't carry the cachet of Dow 13,000, it is an important milestone that Wall Street is eyeing closely.
The reason: 1527.46 is the record close the Standard & Poor's 500 set back on March 24, 2000, before succumbing to a multiyear bear market that wiped out nearly 50% of its value.
After rising 4.86 points to 1512.58 Wednesday, the benchmark index that accounts for 75% of the total value of the U.S. stock market, is 1% away from rewriting the record books.
A new high for the S&P 500 is significant because it is a much broader gauge of the market than the 30-stock Dow. Also, many investors lost lots of money investing in funds that mimic the index back in the go-go '90s. Taking out the old high would also be the latest confirmation that the four-year uptrend that began in October 2002, and has lifted virtually all major U.S. indexes to new highs, is still intact.
You can view this USA Today article if you would like to read more:
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