AssetID: 53452401
Headline: UNCAPTIONED: Economists Optimistic After Stocks Hit New Record
Caption: Economists Optimistic After Stocks Hit, New Record. NPR reports that the S&P 500 has risen above 5,000 for the first time in history. The broad-based U.S. index of the most-known companies around the globe opened over the historic milestone at the opening bell on February 9. "Investors are feeling optimistic that we have sidestepped a recession." Sam Stovall, chief investment strategist at the financial research firm CFRA, via NPR. According to the latest economic data, the Federal Reserve appears poised to pull off its goal of achieving a so-called "soft landing" for the U.S. economy. The potential good news comes after a year-long rate-hiking campaign by the Fed to combat high inflation amid widespread fears of a recession. So far, the S&P 500 is up over 5% in 2024, coming off of a strong 2023, which saw the index gain 24%. NPR reports that a select group of stocks, referred to as "The Magnificent Seven," accounted for most of the market's broader gains. Those companies include , Alphabet, Amazon, Meta, Microsoft, Nvidia and Tesla. "It's a couple growth sectors, and that's it. What's leading the market is still more growth-y, tech-y stocks." "If you look at the history, my guess is we spend some time above 5,000, probably spend some time below 5,000." strategist at Bank of America, via NPR. "And I think we can actually move well beyond 5,000." Stephen Suttmeier, chief equity technical strategist at Bank of America, via NPR. THIS VIDEO MUST NOT BE EDITED FOR LENGTH TO COMBINE WITH OTHER CONTENT
Keywords: Economists,Optimistic,Stocks hit,New,Record,Opening bell,Wall Street,Index,United States,Companies,Historic,Globe,Federal Reserve,Economic data
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