U.S. stocks hit record high, ending shortest bear market in history

. Only about half of Americans own stocks, mainly through retirement accounts, according to the Federal Reserve.“At the end of the day, the record is just a number,” said Wayne Wicker, chief investment officer at Vantagepoint Investment Advisers. But the rise in the stock market suggests that investors see a recovery on the horizon.

The S&P 500’s milestone came one day after the tech-heavy Nasdaq posted its own record, drawing kudos on Twitter from President Trump. Before trading began Tuesday, Trump touted signs of economic recovery and took credit for the market upswing.“Jobs are flowing, NASDAQ is already at a record high, the rest to follow. Sit back & watch!” Trump tweeted.Invesco’s Chief global market strategist.

Stock prices cratered in March, following the initial coronavirus cases and subsequent stay-at-home mandates designed to slow infections. Since then, Wall Street has mounted a dramatic comeback. Several companies, such as Tesla, Wayfair and Masco, have set their own share-price records. Perhaps most prominently, investors have flocked to the tech giants, which wield massive cash reserves and whose products are seen as increasingly valuable in the shift to working-from-home and remote learning.

But the stock market rally also coincides with dire economic data, double-digit unemployment rates, and the relentless virus.“Certainly the last time we hit this number the world looked a lot different than it does today,” said Wicker. “Despite the fact that we are faced with new challenges it seems to indicate that investors are pretty positive about where we are going in the future,” he said.

The turnaround concludes the shortest bear market in history. A bear market is generally understood to refer to a period when stocks fall at least 20 percent from the previous peak. And a bull market is defined as a 20 percent rise from the previous low.Now that the S&P 500 set a new peak, it means the bear market lasted from Feb. 19 to March 23, when stocks bottomed and inaugurated a fresh bull run.

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