S&P 500 Expects To See Gains For A Ninth Week, The Longest Run In Two Decades: Stocks Driving The Upswing
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The S&P 500 Index closed at 4,783 points on Thursday at the closing bell in New York trade. This was only 0.2 percentage points shy of the previous record closing high of 4,796 established on January 3, 2022.
If Friday doesn’t witness a drop of more than 0.75%, the S&P 500 Index, which is carefully watched by the SPDR S&P 500 ETF Trust SPY, is about to finish its ninth week of gains. The longest winning run in a weekly competition since January 2004 is this one.
The benchmark for the top 500 American companies based on market capitalization is now 0.4 percentage points off its all-time high of 4,818 points, which was attained on January 4, 2022.
To reach this milestone before the year’s trading ends, there is just one session left.
Overall, 2023 has seen a 25% increase in the S&P 500, making it the third greatest year in the past 20 years and a strong comeback from 2022’s 19.4% fall.
