New High For S&P 500

August 09, 2007

The S&P 500 finally closed above the 1,527.46 high it set on March 24, 2000, at the euphoric peak of the Internet bubble. The index closed May 30 at 1,530.23.

The S&P 500 is the last major U.S. index to break above its Internet bubble high. The Russell 1000 and 2000, as well as the Dow Jones Wilshire 5000, bested their Internet-era marks much earlier. (Those indexes all set new records on May 30, as well.) The S&P suffered uniquely in the wake of the Internet bubble because it added a large number of technology companies to the index at or near the peak of market euphoria. The S&P 500 has now enjoyed a 55-month bull market, according to S&P, after hitting its nadir on October 10, 2002.

The Nasdaq, of course, remains nearly 50 percent below its all-time high. That could be a while.

 

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