The S&P 500 stock index closed at a new all-time high on Tuesday, defying the economic turmoil that has spread across Main Street and pushed the unemployment rate into double digits. The benchmark index rose 0.2% to close at 3389, surpassing its previous record of 3386 on February 19.
The tech-heavy Nasdaq also reached a new high on Tuesday, gaining 81 points, or less than 1%, to 11,211. The Dow remains about 6% below its February high.
The gains in the S&P 500 means “the 2020 bear market is officially over,” according to UBS Global Wealth Management’s Americas CIO Solita Marcelli.
Following a market plunge in March as the pandemic brought much of the U.S. to a standstill, investors have been largely unfazed by the sputtering economy. Many investors expect a vaccine for COVID-19 to emerge by the first quarter of 2021, potentially allowing consumers and businesses to resume their