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The
session's gains were fueled by chipmakers surging on AI optimism
and investor bets that the Federal Reserve will cut interest
rates in 2024.
The benchmark's new record high close confirms that the S&P 500
ended a bear market when it closed on Oct. 12, 2022, and that it
has been in a bull market since then, according to one measure.
The S&P 500 had lost nearly 25% in a sell off between its last
record high on Jan. 3 2022 and its low in October 2022.
On Friday, S&P 500 climbed 1.2% on the day to end at 4,839.81
points, exceeding its previous record close of 4796.56 on Jan.
3, 2022.
The S&P 500's most recent downswing and recovery was in line
with the median time of nearly two years between record highs
since the 1920s, according to LSEG.
The Dow Jones Industrial Average, which also hit a record
closing high on Friday, had already confirmed on Dec 13, 2023
that it had been in a bull market since Sept. 30, 2022.
Meanwhile, while the Nasdaq composite recovered 43% in 2023, it
would need to rise another 4.8% to return to its record high
close of 16,057.4437, reached on Nov. 19, 2021.
(Reporting by Noel Randewich and Sinéad Carew)
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