Another milestone: S&P 500 closes above 2,000
It was a big round-number day for the stock market.
The Standard & Poor’s 500 index closed a hair above 2,000 points Tuesday, 16 years after it closed above 1,000 points for the first time.
The milestone added to the market’s gains from the day before and extended the stock index’s record-shattering run this year.
The S&P 500 index, a widely followed barometer of the stock market, has closed at a new high 30 times this year. By this time last year, it had done so 25 times.
The index briefly rose past 2,000 on Monday, but closed just below that level. It still set a record-high close in the process.
"There’s perhaps a small psychological boost when you get over such a significant price level," said Cameron Hinds, regional chief investment officer at Wells Fargo Private Bank.
U.S. stocks, in the midst of a five-year rally, have surged in the final weeks of the summer after dipping earlier this month on concerns about geopolitical tensions in Russia and the Middle East.
The latest string of shattered market benchmarks comes as investors cheered new indications that the economy is strengthening, setting the stage for stronger company earnings.
Moments before the close it dipped below 2,000, then inched up just above.
The S&P 500 rose 2.10 points, or 0.1 percent, to end at 2,000.02. Seven of the 10 sectors in the S&P 500 index gained, led by energy stocks. Utilities declined the most.
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