All three major stock indices in the U.S. are starting the new trading week at all-time highs.
The benchmark S&P 500 index closed at an all-time high on Friday (Jan. 19) as investors resumed buying equities after a brief pullback to start 2024.
The S&P 500 closed at 4,839.81, surpassing its previous closing high set in January 2022.
At the same time, the Dow Jones Industrial Average, which has been closing at successive new highs since December, ended Jan. 19 at an all-time high of 37,863.80.
While the broader Nasdaq Composite index has yet to hit a fresh all-time high, the smaller, more technology-focused Nasdaq 100 index gained 1.95% on Jan. 19 to close at a record high.
All three major American stock exchanges are now in positive territory for 2024, and all three look set to open higher today (Jan. 22).
The current rally builds on the bull market of last year. After losing 19% loss in 2022, the S&P 500 gained 24% in 2023 as the U.S. economy avoided a recession and inflation eased.
The S&P 500 index is now up more than 35% since hitting a bottom in October 2022.
The market rally in the U.S. is being fueled by expectations that interest rates will begin coming down this year and continued hype surrounding artificial intelligence (AI).
Technology stocks, particularly ones tied to AI, continue to drive the stock market higher.
Shares of microchip and semiconductor stocks such as Nvidia (NVDA) and Advanced Micro Devices (AMD) have been particularly strong lately.
Stocks in the technology sector gained 2.35% on Jan. 19, and more than 4% over the past week, making it the S&P 500's best-performing sub-sector.
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