The S&P 500 index (SPY) jumped to an all-time high as the fear and greed index gauge pointed to improving sentiment. The SPY rose to a high of $4,435, bringing its total year-to-date gains to almost 20%. It has risen by more than 102% from its lowest level in 2020. Similarly, the Dow Jones and the Invesco QQQ stock price have jumped to their all-time highs.
The S&P 500 index is one of the most-followed indices in the world. It tracks the 500 biggest publicly traded companies in the US. The biggest firms in the index include Amazon, Microsoft, and Apple.
The index has been in a strong bullish momentum helped by the strong recovery of the American economy. Recent data showed that the economy expanded by 6.5% in the second quarter while the economy created more than 943k jobs in July while the unemployment rate declined to 5.3%.
Meanwhile, the SPY has been boosted by the stellar quarterly results. According to Factset, with 89% of all firms in the index publishing their quarterly results, 87% of them have beaten on both revenue and EPS. This makes it the best performance since the company started to crunch these numbers.