As the New York stock markets wrapped up on Friday, it was noted that the S&P 500 index had seen an impressive rise of 22.5 percent over the past 15 weeks.
In the U.S., the stock markets have been experiencing an unprecedented surge recently.
The S&P 500 index, a key indicator of the price trajectory of the top 500 U.S. companies, had climbed by a significant 22.5 percent in the last 15 weeks following the close of markets on Friday.
Dow Jones market data reveals that the S&P 500 index has seen increases in 14 out of the last 15 weeks. This type of winning streak was last witnessed in the early part of 1972, during Richard Nixon’s presidency.
Currently, the S&P 500 index has seen a rise of 22.1 percent over a span of 15 weeks. This is the largest continuous gain for the index since the period that ended on August 28, 2020, as per reports from financial media outlet, Marketwatch.
The S&P 500 broke a new record on Friday, crossing the 5,000 mark for the first time.
Furthermore, other U.S. stock market indices have also been progressing at an historically high rate.
The Nasdaq Composite index, which primarily focuses on technology, has mirrored the S&P 500’s success, rising for 14 weeks within a 15-week period.
In the case of the Dow Jones DJIA, a sustained period of growth like this has been recorded only 14 times since its inception in the 19th century, according to Marketwatch.
The U.S. stock markets have been on an upward trajectory since October’s end, which was when the S&P 500 touched its five-month low point.
Stock exchanges have reflected the improved earnings of companies, particularly large tech firms, and have been buoyed by the fact that the U.S. central bank has halted its interest rate hikes, with predictions of a decrease in interest rates in the future.
Investors also appear to be motivated by the potential for efficiency improvements in companies due to the implementation of artificial intelligence.
While there were anticipations of a recession last year, economic growth has thus far been permitted to continue. This is why U.S. stock markets have enjoyed a 14-month surge.