S&P 500 touches 5,000 for first time. Here’s what it means for the market.

by | Feb 8, 2024 | Stock Market

For those obsessed with big, round numbers, the stock market nearly delivered another thrill: Just before Thursday’s closing bell, the S&P 500 briefly traded above 5,000 for the first time ever — but failed to close above the elusive threshold. The S&P 500
SPX
hit an intraday high of 5,000.40 in the last minute of trading before closing at 4,997.91, its ninth record finish so far in 2024.

Professional investors don’t typically pay a lot of attention to 1,000-point thresholds. In themselves, they hold no technical significance for analysts. However, they are often cited as “psychological” hurdles. As such, clearing them can be seen as adding to positive sentiment. Conversely, failure to convincingly move through them can sometimes be seen as a drag, or worse. “There have been times when we break above these big numbers for a short period of time, and then we finally get the pullback or correction. With the market so extended, that is what I am looking for,” Mark Arbeter, president of Arbeter Investments, told MarketWatch Thursday morning. The veteran technicnal analyst also noted that “there have been times in history when these big ro …

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[mwai_chat context=”Let’s have a discussion about this article:nnFor those obsessed with big, round numbers, the stock market nearly delivered another thrill: Just before Thursday’s closing bell, the S&P 500 briefly traded above 5,000 for the first time ever — but failed to close above the elusive threshold. The S&P 500
SPX
hit an intraday high of 5,000.40 in the last minute of trading before closing at 4,997.91, its ninth record finish so far in 2024.

Professional investors don’t typically pay a lot of attention to 1,000-point thresholds. In themselves, they hold no technical significance for analysts. However, they are often cited as “psychological” hurdles. As such, clearing them can be seen as adding to positive sentiment. Conversely, failure to convincingly move through them can sometimes be seen as a drag, or worse. “There have been times when we break above these big numbers for a short period of time, and then we finally get the pullback or correction. With the market so extended, that is what I am looking for,” Mark Arbeter, president of Arbeter Investments, told MarketWatch Thursday morning. The veteran technicnal analyst also noted that “there have been times in history when these big ro …nnDiscussion:nn” ai_name=”RocketNews AI: ” start_sentence=”Can I tell you more about this article?” text_input_placeholder=”Type ‘Yes'”]

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