Five Charts Showing the S&P 500’s Wild Ride Back to Record Highs
- Magnificent 7 tech companies lead stunning rebound from 2022
- AI hopes, rate-cut bets help to keep momentum in stock market
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The S&P 500 Index set new closing and intraday highs for the first time in two years Friday, capping a stunning rebound from 2022’s violent selloff.
The resurgence is being powered by the so-called Magnificent Seven technology companies — Apple Inc., Microsoft Corp., Nvidia Corp., Alphabet Inc., Amazon.com Inc., Meta Platforms Inc. and Tesla Inc. — and it’s largely based on investors’ hopes for artificial intelligence and cost-cutting efforts that fueled a profit boom at those firms.