The S&P 500 is taking a $9.8 trillion roundtrip. Here’s what’s going on
CNN
US stocks opened higher on Thursday and the benchmark S&P 500 was just a whisker away from hitting an all-time high.
The S&P 500 has been on a roundtrip this year as President Donald Trump’s trade policy has jolted markets. The benchmark index on Thursday was just a whisker away from hitting an all-time high. The index has soared 22% since hitting its low point on April 8 in what has been a remarkable come back from the precipice of a bear market. As the S&P 500 tests a new record high, it is set to recover $9.8 trillion in market value since its low point in April. US stocks were higher on Thursday. The Dow was higher by 305 points, or 0.71%. The broader S&P 500 gained 0.64% and the tech-heavy Nasdaq Composite rose 0.66%. The S&P 500 on Wednesday had closed just 0.85% away from an all-time high. The Nasdaq had closed roughly 1% away from an all-time high. Stocks pushed higher on Thursday morning amid a flurry of economic data, including data that showed a downward revision to how much the economy contracted in the first quarter. That revised data is “backward looking,” and markets were higher on Thursday because they have already priced in the turmoil from earlier this year, Paul Stanley, chief investment officer at Granite Bay Wealth Management, said in an email.
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