A big step coming for Wall Street?
1600. 1700. 1800. Do I hear 1900? The Standard & Poor’s 500 has followed the Dow to new-high territory Monday, eclipsing its prior record of 1890.90 in early trading. It is now making a run at its first-ever close above 1900.
The closely watched stock index not only was trading above its April 2 record close of 1890.90 in early trading Monday, it also climbed within 6.19 points of 1900, a level the index has never catapulted.
The broader market has held up well in recent weeks, despite massive declines in once high-flying stocks in the tech, biotech and small-cap space. But the massive rotation out of high-octane stocks in indexes such as the Nasdaq composite and Russell 2000 small-cap index has benefited blue-chip stock gauges like the Dow and S&P 500.
Stocks have gotten a lift from a better-than-expected first-quarter earnings season and signs that the U.S. economy is regaining its strength after commerce was massively disrupted by the nasty winter weather.
The race from 1800 to 1900 has taken a tad longer for the S&P 500 than the 100-point jumps from 1600 to 1700, and 1700 to 1800. Here is how many days it took the index to take out recent 100-point increments since the 1500 level.
1500 to 1600 4,790 days
1600 to 1700 90 days
1700 to 1800 113 days
1800 to current 170 days
Source: S&P Dow Jones Indices