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The Unstoppable Ascent: Wall Street’s Remarkable Bull Run Sees SPY ETF Crosses $500 Billion, Nvidia Surges Past $2 Trillion, and Broadcom Tops Tesla

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In a testament to the unwavering bullish sentiment, the U.S. stock market continues its astonishing rally, achieving record highs for the S&P 500 and Nasdaq 100 indices for yet another week.

This enduring surge shows the power of bullish fervor, with stocks experiencing 16 positive weeks out of the last 18. Since late October, the S&P 500 index has soared by 25% and the Nasdaq 100 by 30%.

The momentum on Wall Street has propelled the SPDR S&P 500 ETF Trust SPY – the world’s largest exchange traded fund – to a monumental achievement, crossing $500 billion in assets under management for the very first time.

Following the SPY are BlackRock’s iShares Core S&P 500 ETF IVV with $442 billion, and the Vanguard S&P 500 ETF VOO with $413 billion under management.

Friday saw several notable milestones among S&P 500 components: Nvidia Corp NVDA surpassed a market capitalization of over $2 trillion, Eli Lilly and Company LLY crossed $700 billion, and Broadcom Inc. AVGO raced ahead of Tesla Inc. TSLA to claim the eighth spot among the most valuable companies.

Visualizing the Milestone: SPY Breaks $500 Billion in AUM

Outperformers of the Day in the S&P 500

Here are the top five performers in the S&P 500 on Friday:

Stock Name Sector Price 1-Day Return %
NetApp, Inc. NTAP Information Technology 106.93 19.98%
The Cooper Companies, Inc. COO Health Care 102.07 9.05
Western Digital Corporation WDC Information Technology 63.99 7.61
Broadcom Inc. AVGO Information Technology 1,392.56 7.08
DexCom, Inc. DXCM Health Care 121.19 5.32

Leading S&P 500 Performers Year-To-Date

The top-performing stocks in the S&P 500 for the year are as follows:

Company YTD Return Market Cap
NVIDIA Corporation 65.43% $2,016B
Constellation Energy Corporation CEG 44.19% $53.37B
Meta Platforms, Inc. CEG 41.97% $1,281.15B
Advanced Micro Devices, Inc. CEG 36.55% $325.24B
Eli Lilly and Company 33.72% $701.64B
Uber Technologies, Inc. UBER 31.30% $167.86B
Applied Materials Inc. AMAT 29.60% $174.53B
Ralph Lauren Corporation RL 28.68% $11.86B
Tapestry, Inc. TPR 28.57% $10.85B
Catalent, Inc. CTLT 28.18% $10.34B

Dive deeper: Discover the Rising Stars Beyond Nvidia in 2024: Analysts’ Take on the Market’s Under-the-Radar Gems (Wall Street Vs. Reddit)

Photo via Shutterstock.

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