For a brief moment this morning, the S&P 500 broke 3,000. Of course, this is an arbitrary number, but it’s worth reflecting on the market’s stunning climb. Ten years ago, the index was around 900. For context, the S&P 500 broke 30 on August 16, 1929 (this was the old S&P 90). The S&P 500 broke 300 on March 23, 1987.
Fed Chairman Jay Powell testified today before the House Financial Services Committee. Tomorrow, he’ll go before the Senate. His comments have been interpreted as being dovish. In other words, the Fed may cut at the end of this month. That’s good for stocks and it’s why we’re up today.