Bulletin
Investor Alert

Market Extra Archives | Email alerts

July 10, 2019, 1:33 p.m. EDT

S&P 500 index tops 3,000 for first time — here’s how the stock market got here and what it means

Shares of chip maker Nvidia has made the biggest gains since the S&P was at 2,000

new
Watchlist Relevance
LEARN MORE

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

  • X
    S&P 500 Index (SPX)
  • X
    NVIDIA Corp. (NVDA)
  • X
    Amazon.com Inc. (AMZN)

or Cancel Already have a watchlist? Log In

By Mark DeCambre, MarketWatch


Getty
How much has this bull got left?

Five years in the making. That is the time it has taken for the S&P 500 stock index to travel from its previous thousand-point plateau to an intraday milestone of 3,000 for the first time in its history. It remains to be seen if the benchmark can close at that level, but the sojourn above that mark may hold some importance.

The stock gauge first closed at 2,000 on Aug. 26, 2014, according to Dow Jones Market Data. Although it may be just another number for some on Wall Street, for others the move for the broad-market benchmark reflects a round-number level that investors consider bullish for market sentiment.

“Momentum could continue to push markets higher in the next few days now [that] the Fed’s stance is more clear,” wrote Adrian Lowcock, head of personal investing at investment platform Willis Owen, in a Wednesday note.

The S&P 500’s /zigman2/quotes/210599714/realtime SPX -0.30% intraday high was 3,002.89 on Wednesday, but the index has pulled back in afternoon trade after Federal Reserve Chairman Jerome Powell kicked off his first of two days of semiannual congressional testimony that many have read as signaling a rate cut at the end of the month, which would presumably support further gains for stocks because lower rates translate to a lower cost of capital for corporations and individuals.

Check out: Here’s how the stock market’s ‘bad news is good news’ run could come to an end

The S&P 500’s milestone step-up comes as investors wrestle with equity markets that have mostly been trading near all-time highs even as signs of slowing economic growth inside and outside of the U.S. persists, raising some doubts about the durability of a domestic economic expansion in its record-setting 11th year.

Read: Powell says uncertainties ‘continue to weigh’ on U.S. economic outlook and Fed stands ready to act

Global economic headwinds, partly wrought by trade tensions between the U.S. and China, have been cited as one reason that market participants are viewing this run to monumental levels with some circumspection.

That said, it’s worth considering how the market has achieved its climb to new heights from 2,000.

Heres' a snapshot of some of the biggest movers in the S&P 500 over the span:

Biggest gainers?

Company name % change since 2,000 milestone
Nvidia Corp. /zigman2/quotes/200467500/composite NVDA   722%
Amzon.com Inc. /zigman2/quotes/210331248/composite AMZN   489%
MarketAxess Holdings Inc. /zigman2/quotes/202710814/composite MKTX   486%
Netflix, Inc. /zigman2/quotes/202353025/composite NFLX   454%
Take-Two Interactive Software, Inc. /zigman2/quotes/204008930/composite TTWO   423%
MSCI Inc. Class A /zigman2/quotes/202905332/composite MSCI   414%
Align Technology, Inc. /zigman2/quotes/200300692/composite ALGN   399%
Global Payments Inc. /zigman2/quotes/201234787/composite GPN   353%
Idexx Laboratories, Inc. /zigman2/quotes/205324043/composite IDXX   352%
Copart, Inc. /zigman2/quotes/200378896/composite CPRT   340%

Biggest losers?

Company name % change since 2,000 milestone
National Oilwell Varco, Inc. /zigman2/quotes/208758290/composite NOV   -74%
Apache Corp. /zigman2/quotes/200648444/composite APA   -72%
CenturyLink, Inc.   -71%
Freeport-McMoRan, Inc. /zigman2/quotes/200215692/composite FCX   -70%
Noble Energy, Inc.   -69%
Halliburton Co. /zigman2/quotes/210488727/composite HAL   -66%
Macy’s Inc. /zigman2/quotes/201854387/composite M   -66%
Perrigo Co. PLC /zigman2/quotes/201110862/composite PRGO   -66%
Marathon Oil Corp. /zigman2/quotes/205031829/composite MRO   -66%
Baker Hughes, a GE Company Class A   -61%

Alongside the S&P 500, the Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA -0.57% and the Nasdaq Composite Index /zigman2/quotes/210598365/realtime COMP +0.09% were testing fresh all-time highs. Powell on Wednesday told a House committee that policy makers at the rate-setting Federal Open Market Committee were committed to using their tools to help the economy, and in many ways the market, sustain its record expansion.

In his prepared remarks, Powell said the U.S. economy is suffering from a bout of uncertainty caused by trade tensions and slower global growth and pledged to act as needed to support demand.

“Since [the Fed meeting in mid-June], based on incoming data and other developments,” he said, “it appears that uncertainties around trade tensions and concerns about the strength of the global economy continue to weigh on the U.S. economic outlook.”

/zigman2/quotes/210599714/realtime
US : S&P US
3,841.47
-11.60 -0.30%
Volume: 2.29B
Jan. 22, 2021 4:59p
loading...
/zigman2/quotes/200467500/composite
US : U.S.: Nasdaq
$ 548.50
-6.20 -1.12%
Volume: 6.17M
Jan. 22, 2021 4:00p
P/E Ratio
89.65
Dividend Yield
0.12%
Market Cap
$339.52 billion
Rev. per Employee
$792,595
loading...
/zigman2/quotes/210331248/composite
US : U.S.: Nasdaq
$ 3,292.23
-14.76 -0.45%
Volume: 2.82M
Jan. 22, 2021 4:00p
P/E Ratio
96.41
Dividend Yield
N/A
Market Cap
$1651.88 billion
Rev. per Employee
$351,531
loading...
/zigman2/quotes/202710814/composite
US : U.S.: Nasdaq
$ 509.70
-4.43 -0.86%
Volume: 323,469
Jan. 22, 2021 4:00p
P/E Ratio
70.22
Dividend Yield
0.47%
Market Cap
$19.35 billion
Rev. per Employee
$970,307
loading...
/zigman2/quotes/202353025/composite
US : U.S.: Nasdaq
$ 565.17
-14.67 -2.53%
Volume: 7.55M
Jan. 22, 2021 4:00p
P/E Ratio
92.96
Dividend Yield
N/A
Market Cap
$249.69 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/204008930/composite
US : U.S.: Nasdaq
$ 204.66
-0.90 -0.44%
Volume: 906,571
Jan. 22, 2021 4:00p
P/E Ratio
49.49
Dividend Yield
N/A
Market Cap
$23.54 billion
Rev. per Employee
$532,581
loading...
/zigman2/quotes/202905332/composite
US : U.S.: NYSE
$ 411.88
-2.47 -0.60%
Volume: 406,500
Jan. 22, 2021 4:00p
P/E Ratio
61.56
Dividend Yield
0.76%
Market Cap
$34.14 billion
Rev. per Employee
$458,715
loading...
/zigman2/quotes/200300692/composite
US : U.S.: Nasdaq
$ 534.08
-9.73 -1.79%
Volume: 690,685
Jan. 22, 2021 4:00p
P/E Ratio
24.29
Dividend Yield
N/A
Market Cap
$42.11 billion
Rev. per Employee
$165,643
loading...
/zigman2/quotes/201234787/composite
US : U.S.: NYSE
$ 187.52
-1.74 -0.92%
Volume: 2.06M
Jan. 22, 2021 4:00p
P/E Ratio
111.83
Dividend Yield
0.42%
Market Cap
$56.13 billion
Rev. per Employee
$204,662
loading...
/zigman2/quotes/205324043/composite
US : U.S.: Nasdaq
$ 492.86
-3.58 -0.72%
Volume: 329,402
Jan. 22, 2021 4:00p
P/E Ratio
85.90
Dividend Yield
N/A
Market Cap
$42.04 billion
Rev. per Employee
$261,620
loading...
/zigman2/quotes/200378896/composite
US : U.S.: Nasdaq
$ 114.59
-1.11 -0.96%
Volume: 1.62M
Jan. 22, 2021 4:00p
P/E Ratio
40.16
Dividend Yield
N/A
Market Cap
$27.06 billion
Rev. per Employee
$290,208
loading...
/zigman2/quotes/208758290/composite
US : U.S.: NYSE
$ 13.41
+0.02 +0.15%
Volume: 5.03M
Jan. 22, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
$5.21 billion
Rev. per Employee
$238,958
loading...
/zigman2/quotes/200648444/composite
US : U.S.: Nasdaq
$ 16.38
-0.26 -1.56%
Volume: 8.27M
Jan. 22, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
0.61%
Market Cap
$6.18 billion
Rev. per Employee
$2.00M
loading...
/zigman2/quotes/200215692/composite
US : U.S.: NYSE
$ 30.49
+0.45 +1.50%
Volume: 17.46M
Jan. 22, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
$44.30 billion
Rev. per Employee
$522,036
loading...
/zigman2/quotes/210488727/composite
US : U.S.: NYSE
$ 19.24
-0.17 -0.88%
Volume: 14.15M
Jan. 22, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
0.94%
Market Cap
$17.01 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/201854387/composite
US : U.S.: NYSE
$ 12.88
+0.56 +4.55%
Volume: 19.13M
Jan. 22, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
$4.00 billion
Rev. per Employee
$205,943
loading...
/zigman2/quotes/201110862/composite
US : U.S.: NYSE
$ 43.29
-0.13 -0.30%
Volume: 1.05M
Jan. 22, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
2.08%
Market Cap
$5.91 billion
Rev. per Employee
$431,875
loading...
/zigman2/quotes/205031829/composite
US : U.S.: NYSE
$ 8.15
-0.10 -1.21%
Volume: 26.30M
Jan. 22, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
1.96%
Market Cap
$6.43 billion
Rev. per Employee
$2.53M
loading...
/zigman2/quotes/210598065/realtime
US : Dow Jones Global
30,996.98
-179.03 -0.57%
Volume: 436.04M
Jan. 22, 2021 4:59p
loading...
/zigman2/quotes/210598365/realtime
US : U.S.: Nasdaq
13,543.06
+12.15 +0.09%
Volume: 5.51M
Jan. 22, 2021 5:16p
loading...

Mark DeCambre is MarketWatch's markets editor. He is based in New York. Follow him on Twitter @mdecambre.

This Story has 0 Comments
Be the first to comment
More News In
Markets

Story Conversation

Commenting FAQs »

Partner Center

World News from MarketWatch

Link to MarketWatch's Slice.