S&P 500 Closes Above 5,000 for First Time Since 2021 Amid Economic Optimism
• S&P 500 closed above 5,000 for the first time on Friday, a milestone during a period of strong economic growth and bullish sentiment • Comes amid artificial intelligence revolution, better corporate earnings, and hopes of Fed interest rate cuts • Took 41 years to first reach 1,000 in 1998; hit 4,000 in April 2021 after stimulus and vaccine optimism • Index now up 5.4% in 2023 after jumping 24% last year on soft landing hopes • Narrow advance concentrated in “Magnificent Seven” tech stocks, which drove over 60% of index returns in 2022