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.

Ireland Ireland Latest News, Ireland Ireland Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Stock futures point to modest Wall Street gains ahead of big retail earnings weekU.S. stock index futures indicate Wall Street will make moderate gains on Monday as retail earnings queue up and with housing data in the offing. 1,150 Americans died of Covid-19 yesterday. wow i guess all you have to do is have 170,000 people die and close most businesses and the dow will soar ?
Source: Reuters - 🏆 2. / 97 Read more »

Dow futures inch higher as Wall Street investors search for fresh stock-market sparkU.S. stock-index futures hover near the flatline on Monday, with the S&P 500 index hanging around record territory but finding few reasons to trade higher...
Source: MarketWatch - 🏆 3. / 97 Read more »

5 things to know before the stock market opens MondayU.S. stock futures are steady Monday, with the S&P 500 less than 1% away from its Feb. 19 record close. I trade CFDs. America's financial system is convoluted and it's regulated and taxed to death.
Source: CNBC - 🏆 12. / 72 Read more »

Stock market live updates: Futures little changed, Goldman ups S&P target, Buffett's gold betThe major averages looked to build on last week's gains as the S&P 500 continues to inch closer to its new all-time high. FrankCNBC Of course. They are not complaining. Benefiting from the pandemic FrankCNBC Top story KeeseLove FrankCNBC Here for the corporate porn on this wonderful Monday morning.
Source: CNBC - 🏆 12. / 72 Read more »