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S&P 500 Index Sets Record High, Thanks to 'AI-Driven Frenzy' and Tech Stocks

The S&P 500 index tracks 500 of the largest companies listed on U.S. stock exchanges, according to Wikipedia. And Friday that index "hit an all-time closing high," reports the Washington Post, "reflecting the staggering gains of a coterie of Big Tech firms against the backdrop of a surprising...

And Friday that index "hit an all-time closing high," reports the Washington Post, "reflecting the staggering gains of a coterie of Big Tech firms against the backdrop of a surprisingly stable economy." The stock market surged upward in the final quarter of 2023 as evidence gathered that the [U.S.] economy has not tipped into recession territory, despite the Federal Reserve's campaign to raise interest rates. At the same time analysts point to an AI-driven frenzy on Wall Street that rivals the dot-com boom of the late '90s, when investors sought to capitalize on the transformative gains brought by the early internet.

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