Remember when hitting 6,000 on the S&P 500 felt like a pipe dream? Well, surprise! We’re back, baby. The big benchmark closed right at 6,000 on Friday, and honestly, it’s been quite the journey getting here.
The last time we saw these levels was way back in February. Since then, it’s been a wild ride that would make a roller coaster designer jealous. We dropped as much as 15% in April (thanks, tariff drama), hitting a low of 4,983 on April 8th. But here’s the thing about markets – they love a good comeback story.
From that April low to now? We’ve gained over 1,000 points. That’s not just impressive; that’s “I-can’t-believe-this-actually-happened” territory. The S&P is now up 2% for the year, which might not sound like much until you remember we were down 15% just a few months ago.
The other indexes decided to join the party too. The Dow gained 1.2% last week to hit 42,763 (up 0.5% for the year), while the Nasdaq jumped 2.2% to 19,530. But the real showoff was the Russell 2000 – those smaller companies that everyone forgets about until they don’t – which surged 3.2% last week.
What’s Coming Next?
Now for the fun part: what could mess this up? Well, we’ve got some interesting developments brewing. There are trade talks happening between the U.S. and China in London, because apparently that’s where we hash out global economic policy now. The 90-day truce is still holding, but those 30% tariffs are still lurking in the background like an unwelcome party guest.
Apple’s having their big developer conference this week, which is always good for some tech stock movement. But the real drama comes with the May inflation report. Economists are expecting inflation to tick up from 2.3% to 2.5% – the first full month with tariffs in effect. Fun times ahead!
Earnings Season’s Greatest Hits
Speaking of entertainment, earnings season is winding down, but we’ve got some interesting names left. GameStop – yes, that GameStop – is reporting this week. They recently bought $500 million worth of Bitcoin because apparently meme stocks and crypto go together like peanut butter and jelly.
Oracle’s also reporting Wednesday, fresh off announcing they’re building AI data centers in Texas with OpenAI. Because if you’re going to build the future, might as well do it in a place with good BBQ.
The bottom line? Markets are funny things. Just when you think you’ve got them figured out, they surprise you. The S&P hitting 6,000 again is a reminder that patience and a strong stomach for volatility can pay off. Whether we stay here or not? Well, that’s tomorrow’s problem.