Feb. 8 (UPI) — The broad-based S&P 500 stock index topped the 5,000 mark for the first time before settling back to close just below the milestone Thursday.
The index flirted with 5,000 all day, ending the day little changed to close up 0.06% to close at 4,997.91. A rally that could get the index above the milestone and keep it there may not be in the offing, experts said.
It’s a “good headline, but in perspective, it’s another stop on this ridiculous rally that we’ve seen,” said Jay Woods, chief global strategist at Freedom Capital Markets. “I think the market is tiring, this rally is tiring.”
Strong earnings and interest in technology stocks have carried the financial markets higher in recent weeks, but some investors doubt the rally can sustain.
Others weighed in on earnings.
“Earnings continue to come in better than expected, and contribute to some pretty positive moves in specific stocks,” Michael Arone, chief investment strategist at State Street Global Advisors, said. “Overall, in terms of sentiment, that’s allowed the market to continue to touch new highs.”
The broad-based S&P 500 index edged up 0.06% to finish at 4,997.91 after reaching a high of 5,000.40 heading into the close.
The Dow Jones Industrial Average was up 48.97 points, or 0.13%, to end at 38,726.33. The tech-heavy Nasdaq Composite inched ahead 0.24% to close at 15,793.71.
While the S&P 500 is not as high profile as the other market indices, financial experts say it is far more relevant because it represents a broader swath of the “investable” U.S. stock market.
The S&P 500, which was launched in 1957, broke the 4000 threshold two-and-a-half years ago.
