(Reuters) – The S&P 500 index hit an all-time high on Tuesday, completing its recovery from the stock market crash after the onset of the coronavirus crisis in February.
The index was up at 3,394.99 points at 09:48 a.m. ET, topping the high of 3,393.52 hit on Feb. 19 and further underlining the disconnect between a rally driven by trillions in official stimulus and a recession-hit U.S. economy.
The tech-heavy Nasdaq Composite <.ixic> in June was the first of the three major U.S. stock indexes to reclaim record highs as investors gravitated to stocks including Amazon.com
It has taken the benchmark S&P 500 about two months longer as surging COVID-19 cases sparked fears of another round of shutdowns that would again cripple business activity.
On the day, the S&P 500 gained 0.4% putting it up about 55% from March’s lows. The Nasdaq gained 0.6% to hit a record high and the Dow Jones Industrials, which is still about 6% off its February highs, added 0.1%.
Of the 11 major S&P 500 sectors, the technology index <.splrct>, which includes Apple Inc
Closing at a record high, according to a widely accepted definition, would confirm that the S&P 500 has been in a new bull market since its pandemic low on March 23.
(Reporting by Sagarika Jaisinghani in Bengaluru; Editing by Patrick Graham)
