S&P 500 Enters a Bull Market

Index closes at its highest level of the year
By Newser Editors and Wire Services
Posted Jun 8, 2023 3:21 PM CDT
S&P 500 Enters a Bull Market
Traders work on the floor at the New York Stock Exchange in New York, Friday, June 2, 2023.   (AP Photo/Seth Wenig)

Stocks rose modestly Thursday, but enough to lift the benchmark S&P 500 into a new bear market, reports the Wall Street Journal. Meaning, the index is now up 20% from the low it hit in October.

  • The S&P rose 26 points, or 0.6%, to 4,293, which CNBC points out is also its closing high of 2023.
  • The Dow rose 168 points, or 0.5%, to 33,833.
  • The Nasdaq rose 133 points, or 1%, to 13,238.

GameStop was one of the bigger movers, falling 16.8% after ousting its CEO who was brought in to turn around the struggling video game retailer, per the AP. The company, whose stock became a sensation in 2021 during the meme-stock craze, also reported weaker revenue for the latest quarter than expected. On the winning side was Carvana. It soared 59.4% after saying it expects to book a record amount of profit on each vehicle sold during the current quarter, among other improving trends. Adobe rose 4.8% for one of the biggest gains in the S&P 500 after it announced a new artificial-intelligence offering for businesses.

Wall Street’s focus, though, is on next week. That’s when the government will provide the latest monthly updates on inflation and the Fed will announce its latest move on interest rates. “Inflation remains the name of the game,” said Mike Loewengart, head of model portfolio construction at Morgan Stanley Global Investment Office. The expectation among traders is that the Fed will make no move on Thursday, which would be the first meeting where it hasn’t hiked rates in more than a year. Even though inflation remains well above the Fed's comfort level, a pause would give the central bank more time to see how its fusillade of hikes has affected the economy. But traders see the Fed hiking rates again in July.

(More stock market stories.)

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