S&P 500 confirms bull market with legend shut

© Reuters. Merchants work on the ground at the Fresh York Stock Alternate (NYSE) in Fresh York Metropolis, U.S., January 19, 2024. REUTERS/Brendan McDermid

(Reuters) – The confirmed on Friday that it has been in a bull market since October 2022, as it notched a legend high shut for the first time in two years.

The session’s features had been fueled by chipmakers surging on AI optimism and investor bets that the Federal Reserve will in the low cost of passion charges in 2024.

The benchmark’s contemporary legend high shut confirms that the S&P 500 ended a undergo market when it closed on Oct. 12, 2022, and that it has been in a bull market since then, consistent with one measure.

The S&P 500 had lost nearly 25% in a dump between its last legend high on Jan. 3 2022 and its low in October 2022.

On Friday, S&P 500 climbed 1.2% on the day to total at 4,839.81 functions, exceeding its old legend shut of 4796.56 on Jan. 3, 2022.

The S&P 500’s most most modern downswing and restoration modified into primarily primarily based on the median time of nearly two years between legend highs for the reason that 1920s, consistent with LSEG.

The , which additionally hit a legend closing high on Friday, had already confirmed on Dec 13, 2023 that it had been in a bull market since Sept. 30, 2022.

In the meantime, while the recovered 43% in 2023, it will desire to rise one other 4.8% to return to its legend high shut of 16,057.4437, reached on Nov. 19, 2021.