Stock markets continued their steady march higher Friday, with the Standard & Poor’s 500 index passing the threshold of 2,500 for the first time in its history.
Wall Street is riding the second-longest bull market in history, with investors repeatedly shrugging off domestic and international turmoil as they pile into shares of technology and other companies. On Friday, for example, investors appeared unfazed by news that North Korea launched its second missile in a month over Japan. Instead, the market focused on strong performance from tech stocks.
The S. & P.’s bellwether stocks index spent much of the day flirting with 2,500. In the final moments of the trading day, investors nudged the benchmark to 2,500.23, up nearly five points on the day. Other indexes, including the Nasdaq composite and the Dow Jones industrial average, also closed at record highs.
While investors continue their stock-buying spree, the upward march has left some investors nervous that shares are overvalued and could be vulnerable to a downturn in the event of a geopolitical crisis or a sudden bout of bad financial or economic news.
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- September 15, 2017