Wall St The Week Ahead: S&P 500 hits 2,000 mark
THE S&P 500 was unable to hold the 2,000 mark after moving above the milestone level for the first time yesterday, but still managed to close at a record high, buoyed by financials and biotechnology stocks.
The significance of the milestone was more psychological than fundamental, and it represents the high point of a nearly six-year rally that has boosted retirement accounts for Americans from Wall Street to Main Street, though the gains have largely benefited wealthier Americans. On a total-return basis the S&P 500 has more than tripled from its 2009 low.
The Dow Jones industrial average rose 75.65 points or 0.44 per cent, to 17,076.87, the S&P 500 gained 9.52 points or 0.48 per cent, to 1,997.92 and the Nasdaq rose 18.80 points or 0.41 per cent, to 4,557.35.