The longest bull market in history is intact as US stocks close at record high
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The S&P 500 closed at a record high on Friday, solidifying the bull market as the longest of all time.
The benchmark index gained 0.62 per cent to settle at 2874.69, eclipsing its January record-high close of 2872.87.
Friday’s gain was significant as it left no doubt we are now in the midst of the longest-running bull run in US stock market history.
After an intraday record high was hit on Wednesday, some on Wall Street had suggested the record technically wouldn’t fall until the index closed at a new high.
The chairman of the US Federal Reserve Jerome Powell said in speech last week he expected “further, gradual” interest rate hikes moving forward, noting the economy was “strong” and could handle tighter monetary policy.
Friday’s biggest S&P 500 gainers included Autodesk (+15.13%), AMD (+7.49%), and Netflix (+5.63%) while Foot Locker (-9.21%), Gap (-8.54%), and Macy’s (-4.33%) lagged.
Here’s a graph showing the S&P 500 since 1970: