BREAKING: S&P 500 closes at a record high, erasing the last of its steep losses after the coronavirus forced widespread shutdowns.
FILE - This July 22, 2020 photo provided by the New York Stock Exchange shows the trading floor in New York. The S&P 500 is once again flirting with its record levels, as stocks drift a bit higher on Wall Street Tuesday, Aug. 18.
Wall Street clawed back the last of the historic, frenzied losses unleashed by the coronavirus, as the S&P 500 closed at an all-time high Tuesday. The benchmark index notched a modest 0.2% gain to beat its previous record high set on Feb. 19, before the pandemic shut down businesses around the world and knocked economies into their worst recessions in decades. The S&P 500′s milestone caps a furious 51.5% rally that began in late March.
Earlier, the S&P 500 crested above 3,393.52 for the first time, which had stood since Feb. 19 as the highest level it ever touched within a day’s trading. “It just seems like the path of least resistance for the market is higher,” said Brian Price, head of investment management for Commonwealth Financial Network. “We’re seeing this slow grind up for the past few weeks.”
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