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S&P 500 Closing Above 5000 for the First Time

S&P 500 Closing Above 5000 for the First Time

February 15, 2024

Markets surged with gains across all five indices, notably the S&P 500 closing above 5000 for the first time. This marks the 14th positive week out of the last 15, a feat not seen since March 1972. Growth indices outperformed blends and values, with Russell versions leading the way.

Earnings beats and positive forward guidance were key drivers of the weekly gains, marking the peak of Q4 earnings reporting. On the flip side, treasuries experienced an overall rise in the yield curve, particularly in the intermediate and longer end, aligning with expectations around the next FOMC meeting.

The bond market took a hit, witnessing an 82-basis point drop in the Bloomberg Barclays Aggregate Bond index, resulting in nearly 1.5% YTD losses.