The S&P 500 Index reached its 50th all-time high in 2024, marking a significant milestone in the market’s upward trend. The index gained 4.7% for the week, driven by solid consumer sentiment data and expectations that President Donald Trump’s pro-growth agenda will continue to support Corporate America.
US consumer sentiment has advanced to its highest level since April, indicating optimism among American consumers. This positive sentiment has been reflected in the market, with stocks rising for a fourth consecutive session.
Tesla Inc. played a key role in this rally, with Elon Musk’s electric-vehicle maker breaking over the trillion-dollar valuation mark. The surge was driven by strong demand and bets on the company’s future growth potential. Additionally, defensive shares made significant gains, with some groups hitting “oversold” levels and rebounding as a result.
The S&P 500’s record high is a testament to the market’s resilience and confidence in the economy. As investors look ahead to the new year, they are hopeful that President Trump’s policies will continue to drive growth and support corporate profits.
Source: https://www.bloomberg.com/news/articles/2024-11-07/stock-market-today-dow-s-p-live-updates