S&P 500 hits record high on way to longest market rally

Traders work on the floor of the NYSE in New York

Traders work on the floor of the NYSE in New York

The benchmark S&P 500 touched a record high on Tuesday and equaled its longest-ever bull-market run, as US stocks rose on encouraging earnings reports in the consumer sector and relative calm in the ongoing trade dispute between the United States and China.

For those believing today is a record-breaking one, March 9, 2009, was the start of the current bull market; therefore, today represents the 3,453 day of the advance. Since then, the index has more than quadrupled.

That led to huge gains in companies' earnings, with firms listed in the S&P 500 reporting a near 25 percent jump in second-quarter profits per share in 2018 year on year. This set a new record for the bull market: 3,453 days.

Despite the bull market naysayers, there was still plenty of room for excitement.

Gold prices extend gains as dollar sags after Donald Trump remarks
The euro brushed an 11-day high of $1.1493, stretching its gains after climbing about climbing about 0.35 per cent overnight. Powell took over as Fed chairman in February and the bank has raised interest rates twice since his ascension.

The S&P 500 index fell a fraction of a point to 2,861. "That potential new high is important", S&P Dow Jones Indices analyst Howard Silverblatt wrote in a research note. Since the S&P 500's financial crisis low in March 2009, the American benchmark stock index has gone more than nine years without sinking into a bear market - a fall of more than 20pc from its 52-week high. In order for the 1990 to 2000 bull market to be the earlier longest bull, one must round up the 19.92% to 20% as a market down 20% is considered a bear market.

"Longest bull run in the history of the stock market, congratulations America!"

In an interview, President Donald Trumpcriticized the U.S. Federal Reserve for raising interest rates, and that has added uncertainty to what had been all but certain. 'Bull markets don't die of old age; they die of euphoria and we're nowhere near euphoria'.

Trump, meanwhile, told an interviewer on Fox that his impeachment would "crash" the stock market.

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