S&P 500 briefly tops 5,000 for first time ever
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The S&P 500 briefly surpassed the 5,000 level for the first time ever, offering a psychological boost for the market. The milestone doesn't hold much significance in a market driven by math and dollars, but it reflects how far the market has come. The U.S. economy has exceeded expectations for a recession, with fewer workers applying for unemployment benefits. Good news on the economy is seen as positive for stocks, driving profits for companies. The latest earnings reports from big U.S. companies were mixed, with The Walt Disney Co. and Alibaba reporting stronger profits, while S&P Global and New York Community Bancorp reported weaker profits. The bond market saw the yield on the 10-year Treasury rise to 4.14%. Traders expect rate cuts to come later in the year, with the first cut predicted for May or June. Stock markets in Asia and Europe were mostly higher, with Shanghai climbing 1.3% and Hong Kong falling 1.3%.

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https://fortune.com/2024/02/08/sp-500-record-high-tops-5000-first-time/