Since touching the bottom of the pandemic-fueled market crash in March 2020, the Dow Jones and the Nasdaq have surged about 136 and 192 percent, respectively.
Over the past few years, the New York Stock Exchange has looked more like Spain in July, as the running of the bulls has become a regular event on the world’s largest stock exchange.
The tech-heavy Nasdaq Composite Index finished above 20,000 for the first time during the Dec. 11 trading session.
Earlier this month, the blue-chip Dow Jones Industrial Average and the S&P 500 closed above 45,000 and 6,000, respectively—both record highs.
President Joe Biden has also celebrated substantial gains as several asset classes have rocketed to never-before-seen levels.
“The stock market going strong is a sign of confidence in America’s economy,” the outgoing president wrote on social media platform X in February.
In September, he touted his economic record by citing a “record high stock market” and “record high 401(k)s.”
Bitcoin recently surpassed the long-awaited $100,000 level.
In October, gold prices reached an all-time high of $2,800 and have hovered around $2,700 since.
This upward trend did not spring out of nowhere. The leading benchmark indexes have been on a tear since the coronavirus pandemic, though there have been bumps on the path toward uncharted territory.
Since touching the bottom of the pandemic-fueled market crash in March 2020, the Dow Jones and the Nasdaq have surged about 136 and 192 percent, respectively. The S&P has rallied approximately 168 percent.
“It appears even though stocks have risen significantly for two years in a row, more upside potential remains,” said Rob Haworth, senior investment strategy director with U.S. Bank Asset Management, in a note.
Got Cash
Americans hold record amounts of their assets in equities but also a significant amount in cash.
In addition to stocks, the public again fell in love with cash as money markets—short-term debt investments and cash accounts—became attractive.
For the first time in two decades, yields touched the 5 percent market, providing investors with hefty risk-free returns.
Even billionaire Warren Buffett and his Berkshire Hathaway stormed into cash, accumulating a record-breaking $325 billion cash pile.
By Andrew Moran
