The S&P 500 closed above 5,500 for the first time ever on Tuesday, sending analysts scrambling to update their targets as a torrid rally continues for 2024. This was the index’s 32nd record this year. Tesla surged 10%, leading the rally in large stocks but was the market’s darling Nvidia failed to gain traction. The Nasdaq 100 hit the 20,000 mark and also hit a new all-time high. The S&P 500 has gained more than $16 trillion in value since its October 2022 closing low. Stocks continue to defy the pessimists amid hopes of robust corporate earnings, artificial intelligence fever and lower interest rates. And in the absence of a meaningful pullback, bulls are confident the rally will continue. Here’s a market recap.
Thank you to the six judges With Republicans and Republican lawmakers controlling the US Supreme Court, it could also overturn Donald Trump’s only conviction, given that all three charges against him have been effectively postponed (or stalled) until the November election. This is the hope of Trump’s legal team, who cited yesterday’s overwhelming victory at the Supreme Court, which summarily tossed out the guilty verdict of a New York jury. Trump was convicted of paying hush money and committing accounting fraud as part of a scheme to defraud American voters during the 2016 presidential campaign. Though he committed these crimes before taking office, the opinion granting broad immunity to the former president by the Republican-appointed Supreme Court supermajority also includes a path to removal from office. Even better news for Trump is that he has more campaign cash in his pocket than President Joe Biden, whose approval ratings are said to have plummeted after last week’s debate.
