The S&P 500 rose to an all-time high on Tuesday, capping off its incredible recovery from the coronavirus-induced sell-off that knocked it off its previous record back in February.
The broader market index climbed 0.2% to 3,389.78, a record close. It also notched an intraday all-time high, reaching 3,395.06 earlier in the day. The S&P 500’s move into record territory came after the index flirted with its all-time closing high for more than a week. It also confirms the start of a new bull market.
“There has been a lot of good news seemingly validating” this move higher, said Andrew Slimmon, managing director at Morgan Stanley Investment Management. Slimmon noted the economic data has been strong recently and corporate earnings have topped analyst expectations.
“But I would argue the market here is very vulnerable to some type of bad news … You look at the type of stocks that have worked, and they’re the higher-risk, higher beta plays,” Slimmon said.
Amazon shares outperformed, rising more than 4% on Tuesday. Netflix and Alphabet both gained at least 2%. Consumer discretionary was the best-performing sector in the S&P 500, rising 1.5%…
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