The S&P 500 has surpassed the 6,000 mark for the first time in its nearly seven-decade history, marking a significant milestone for the benchmark American stock index. This achievement comes as this week’s post-election gains have contributed to an already historic start to 2024 for equities.
By mid-afternoon on Friday, the S&P reached a peak of 6,012.45, ultimately closing at a record 5,995.54. The day’s 0.4% rally brought the week’s total gains to 4.7%, the sharpest weekly increase since November 2023. This surge was driven by the re-election of former President Donald Trump, as Wall Street anticipates corporate tax cuts and a less stringent regulatory environment under a Republican-led federal government.
Leading the market capitalization-weighted S&P’s rally on Friday were electric vehicle manufacturer Tesla, pharmaceutical giant Eli Lilly, and enterprise software company Salesforce, with each company’s shares rising by at least 3.5%.