Number of the Day Shows Stock Market’s Ambition
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That’s how many times the S&P 500 Index has set new record highs this year, a sign of the resiliency and ambition of the stock market.
The popular stock benchmark closed Tuesday at yet another all-time high of 3,662.45 after climbing 11% in November alone. Positive news about the developments of a vaccine against COVID-19 sparked a light at the end of the pandemic tunnel, and the outcome of the presidential election became more certain.
“Throughout 2020, central bank monetary policy was the stock market’s heavy lifter,” Charles Schwab analysts said in an online commentary. “That, along with the market’s forward-looking tendencies, have allowed stocks to quickly span the chasm created by the COVID-19 pandemic. Meanwhile, government fiscal relief, and the human ingenuity associated with the high-efficacy vaccines coming soon, have provided support for consumers and the broader economy."
Other major indexes have also set new records recently, including the Dow Jones Industrial Average, which notably crossed the 30,000-point threshold last week. The tech-heavy Nasdaq Composite climbed 1.3% to yet another new high on Tuesday.