S&P 500 Now Just Shy of Hitting the 1,700 Milestone

0
S&P 500 Now Just Shy of Hitting the 1,700 Milestone
By Standard & Poor's, User:Stepshep (Vector taken from 1 coloring based off of 2) [Public domain], <a href="https://commons.wikimedia.org/wiki/File%3AStandard%26Poors.svg">via Wikimedia Commons</a>

Wall Street will be eyeing to scale a new milestone when the benchmark Standard & Poor’s 500 index crosses 1,700 possibly Tuesday.

S&P 500 Now Just Shy of Hitting the 1,700 Milestone

S&P 500 (INDEXSP:.INX) posted a 2-point gain in pre-market trading today after the index closed Monday at an all-time high, shying the 1,700 milestone by just 5 points.

[Exclusive] Voss Value Surges On Small-Cap Housing Stock Bets

John GriffinVoss Capital's flagship long/short equity strategy, the Voss Value Fund, returned 23.3% to investors net of fees and expenses in the first quarter of 2021. Q1 2021 hedge fund letters, conferences and more According to a copy of the firm's first-quarter investor letter, which ValueWalk has been able to review, the Texas-based asset manager's gross Read More


Monday saw S&P 500 (INDEXSP:.INX) rising to its 23rd record close this year, after the financials and health-care sectors pumped the index to a higher level.

According to FactSet, the second-quarter sales for companies belonging to S&P 500 (INDEXSP:.INX) index are on track by rising 1 percent over last year. During the first quarter, they declined 0.1 percent.

Second fastest 100 points rise

If S&P 500 (INDEXSP:.INX) tops 1,700 on Tuesday, it would mark the benchmark’s second-fastest rise ever on a 100-point move, according to Howard Silverblatt, senior index analyst at S&P Dow Jones Indices.

During 1998, the benchmark jumped from 1,000 to 1,100 level in just 50 calendar days. However, the index last saw 1,600-level, 80 calendar days ago.

Wall Street would be keenly watching the results from Apple Inc. (NASDAQ:AAPL) Tuesday after poor performance posted by Microsoft Corporation (NASDAQ:MSFT) and McDonald’s Corporation (NYSE:MCD) a few days back.

The technology giant Microsoft posted not so impressive revenue numbers at $19.9 billion below The Street’s expectation of $20.7 billion.

McDonald posted earnings of $1.38 per share for the second quarter, against analysts’ estimates of $1.41 per share.

S&P 500 surged 150 percent since March 2009

The benchmark S&P 500 (INDEXSP:.INX) surged 150.6 percent since the bull market began in March 2009, making it the fifth-best bull run in history.

Market showing signs of strength

Despite facing headwinds such as poor global growth, recent hike in long-term interest rates and eventual FED tapering, the stock market has shown resilience. According to Eric Wiegand, a senior portfolio manager at U.S. Bank wealth management, market’s strong showing reflects its strength.

According to Adam Shell and Rachel Huggins of USA Today, S&P 500 (INDEXSP:.INX) posted record gains amidst investors’ increasing shift in preference from defensive sectors such as utilities and consumer staples to more offensive sectors such as industrials, consumer discretionary and financials.

No posts to display