On Friday Dow Jones closed at lifetime high level of 37863.81. This is 395.19 points higher than the previous sessions’s closing price. In percentage terms it is 1.05% higher than the previous sessions’s closing price.
On the opening, Dow Jones opened gapup and then it took support near the level of previous day’s closing price. Then it started rallying and made a high of 37933.73 and gave a closing at the lifetime high level of 37863.81. Since 17th January, DJI rallied more than 700 points. During Friday’s trading session Dow Jones made a high of 37933.73 and a low of 37451.71.
S&P 500 Closed at Lifetime High on Friday
On Friday, the S&P 500 reached its all-time highest price, bouncing back from a challenging two-year stretch for many investors. This happened during a time when interest rates experienced the most significant increase in over 40 years.
On Friday afternoon, the S&P reached its peak at 4,842, just edging past the previous all-time high of 4,818 set in January 2022. It’s like the stock market hit a new high score, breaking its own record!
On Friday’s trading session S&P 500 made a high of 4842.07 and a low of 4785.87.
During 20 trading session’s S&P 500 was in a sideways range fluctuating within 120 points of range. But on Friday’s trading session it gave a clear cut breakout on the upside above the range we discussed and shown in the image to the right.
On Weekly time frame S&P 500 is taking support on a rising trendline. From the third touch on the trendline the S&P is higher more than 700 points.
Some Key Points
Out of all the stocks on the S&P, only 45% managed to score a positive return from the last peak on January 4, 2022, until this Friday, according to FactSet data. This raises some eyebrows among strategists who worry that the stock market rally might not be as widespread, as many less attention-grabbing stocks couldn’t keep up with the jaw-dropping gains of tech stars like Nvidia. It’s like some stocks are stealing the spotlight while others are playing a quieter game.
Price Action Explanation
On Friday the S&P 500 opened gap up. After that it fell and took support at previous day’s high price. The previous day’s high price acted as a support and from that support S&P 500 rallied after making a W pattern on 5 minute time frame and closed at lifetime high level.
Key Background of S&P 500
The S&P 500 Index tracks America’s biggest 500 companies. It has pulled off a surprising feat, soaring by a whopping 38% since hitting rock bottom in October 2022. Interest rates took a rollercoaster ride, going from almost zero to a hefty 5% in the past two years. Typically, when rates go up, stocks should be taking a nosedive, right? But nope, not this time! Stocks decided to break the rules and dance to their own beat.
Alright, here’s the inside scoop: People are buzzing with excitement about companies plunging into the exciting world of artificial intelligence. Investors are basically playing a hopeful game of crossing their fingers, wishing these companies a future full of big bucks. Picture this: Last week, the S&P confidently crossed the 4,800 mark, breaking a two-year record. But wait for it – here comes the twist! It couldn’t quite hang onto those gains and missed the chance to seal the deal with a record-setting close by the end of last Friday’s session. It’s like the stock market is treating us to a nail-biting drama, throwing in unexpected twists and turns.