HomeMarket NewsS&P 500 Surpasses 5,800 Mark for the First Time in History

S&P 500 Surpasses 5,800 Mark for the First Time in History

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Markets Surge as Earnings Season Kicks Off with Record Highs

The benchmark S&P 500 index has closed above 5,800 for the first time, marking its 45th all-time high this year.

The blue-chip Dow Jones Industrial Average also reached a record close on October 11, as the third-quarter earnings season began with impressive results from some of America’s largest banks, including JPMorgan Chase (JPM) and Wells Fargo (WFC).

The S&P 500 increased by 0.61% for the day, closing at 5,815.03. Meanwhile, the Dow Jones climbed by 440 points, or 1%, finishing at 42,863.86. The Nasdaq index rose 0.33% to end the day at 18,342.94. However, the Nasdaq’s growth was tempered by an 8% drop in Tesla (TSLA) shares, following disappointing reactions to the company’s much-anticipated Robotaxi event.

Strong Earnings Signal Positive Market Trends

As both the Dow and S&P 500 reach historical highs, the Nasdaq is not far behind, currently just 2% below its all-time peak. Analysts believe that the momentum will continue as corporate earnings remain robust across sectors.

The Q3 earnings season has kicked off strongly, showcasing better-than-expected results from leading U.S. financial institutions. Shares of JPMorgan Chase surged by 5% after exceeding profit and revenue forecasts, while Wells Fargo’s stock rose 6% thanks to solid profits. The banking sector serves as a crucial indicator of the U.S. economy’s health.

Analyzing the SPDR S&P 500 ETF Trust: Is It Worth a Buy?

The SPDR S&P 500 ETF Trust (SPY), which mirrors the performance of the S&P 500 index, currently holds a consensus Moderate Buy rating from 504 Wall Street analysts. This assessment stems from 402 Buy ratings, 94 Hold ratings, and eight Sell recommendations issued over the last three months. The average price target for SPY is set at $633.45, which suggests a potential upside of 9.29% from current levels.

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Read more analyst ratings on the SPY ETF

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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