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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

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By Mark DeCambre, MarketWatch


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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 +0.28% 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. /zigman2/quotes/200067545/composite CTL   -71%
Freeport-McMoRan, Inc. /zigman2/quotes/200215692/composite FCX   -70%
Noble Energy, Inc. /zigman2/quotes/210375673/composite NBL   -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 /zigman2/quotes/205323712/composite BHGE   -61%

Alongside the S&P 500, the Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA +0.09% and the Nasdaq Composite Index /zigman2/quotes/210598365/realtime COMP +0.40% 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
2,997.95
+8.26 +0.28%
Volume: 1.62B
Oct. 17, 2019 5:02p
loading...
/zigman2/quotes/200467500/composite
US : U.S.: Nasdaq
$ 194.29
+0.08 +0.04%
Volume: 6.61M
Oct. 17, 2019 4:00p
P/E Ratio
43.90
Dividend Yield
0.33%
Market Cap
$118.27 billion
Rev. per Employee
$882,428
loading...
/zigman2/quotes/210331248/composite
US : U.S.: Nasdaq
$ 1,787.48
+10.05 +0.57%
Volume: 2.71M
Oct. 17, 2019 4:00p
P/E Ratio
74.16
Dividend Yield
N/A
Market Cap
$879.22 billion
Rev. per Employee
$359,671
loading...
/zigman2/quotes/202710814/composite
US : U.S.: Nasdaq
$ 349.70
+9.28 +2.73%
Volume: 440,630
Oct. 17, 2019 4:00p
P/E Ratio
71.54
Dividend Yield
0.58%
Market Cap
$12.85 billion
Rev. per Employee
$959,394
loading...
/zigman2/quotes/202353025/composite
US : U.S.: Nasdaq
$ 293.35
+7.07 +2.47%
Volume: 38.46M
Oct. 17, 2019 4:00p
P/E Ratio
93.72
Dividend Yield
N/A
Market Cap
$125.34 billion
Rev. per Employee
$2.22M
loading...
/zigman2/quotes/204008930/composite
US : U.S.: Nasdaq
$ 122.74
+1.59 +1.31%
Volume: 763,911
Oct. 17, 2019 4:00p
P/E Ratio
45.46
Dividend Yield
N/A
Market Cap
$13.71 billion
Rev. per Employee
$574,279
loading...
/zigman2/quotes/202905332/composite
US : U.S.: NYSE
$ 229.03
+3.05 +1.35%
Volume: 251,241
Oct. 17, 2019 6:30p
P/E Ratio
34.66
Dividend Yield
1.19%
Market Cap
$19.14 billion
Rev. per Employee
$460,792
loading...
/zigman2/quotes/200300692/composite
US : U.S.: Nasdaq
$ 213.92
+2.36 +1.12%
Volume: 842,521
Oct. 17, 2019 4:00p
P/E Ratio
41.46
Dividend Yield
N/A
Market Cap
$16.90 billion
Rev. per Employee
$168,653
loading...
/zigman2/quotes/201234787/composite
US : U.S.: NYSE
$ 163.24
-1.53 -0.93%
Volume: 1.89M
Oct. 17, 2019 6:30p
P/E Ratio
53.35
Dividend Yield
0.02%
Market Cap
$49.44 billion
Rev. per Employee
$306,033
loading...
/zigman2/quotes/205324043/composite
US : U.S.: Nasdaq
$ 282.13
+2.56 +0.92%
Volume: 188,193
Oct. 17, 2019 4:00p
P/E Ratio
60.84
Dividend Yield
N/A
Market Cap
$24.07 billion
Rev. per Employee
$264,205
loading...
/zigman2/quotes/200378896/composite
US : U.S.: Nasdaq
$ 81.02
-0.36 -0.44%
Volume: 1.07M
Oct. 17, 2019 4:00p
P/E Ratio
32.85
Dividend Yield
N/A
Market Cap
$18.90 billion
Rev. per Employee
$310,934
loading...
/zigman2/quotes/208758290/composite
US : U.S.: NYSE
$ 20.54
-0.47 -2.24%
Volume: 4.52M
Oct. 17, 2019 6:30p
P/E Ratio
N/A
Dividend Yield
0.97%
Market Cap
$8.11 billion
Rev. per Employee
$241,137
loading...
/zigman2/quotes/200648444/composite
US : U.S.: NYSE
$ 22.12
+0.36 +1.65%
Volume: 4.48M
Oct. 17, 2019 6:30p
P/E Ratio
N/A
Dividend Yield
4.52%
Market Cap
$8.18 billion
Rev. per Employee
$2.15M
loading...
/zigman2/quotes/200067545/composite
US : U.S.: NYSE
$ 12.04
-0.13 -1.07%
Volume: 6.98M
Oct. 17, 2019 6:30p
P/E Ratio
N/A
Dividend Yield
8.31%
Market Cap
$13.27 billion
Rev. per Employee
$520,956
loading...
/zigman2/quotes/200215692/composite
US : U.S.: NYSE
$ 9.44
-0.06 -0.63%
Volume: 14.57M
Oct. 17, 2019 6:30p
P/E Ratio
21.35
Dividend Yield
2.12%
Market Cap
$13.78 billion
Rev. per Employee
$707,724
loading...
/zigman2/quotes/210375673/composite
US : U.S.: NYSE
$ 19.61
-0.69 -3.40%
Volume: 7.64M
Oct. 17, 2019 6:30p
P/E Ratio
N/A
Dividend Yield
2.45%
Market Cap
$9.71 billion
Rev. per Employee
$1.91M
loading...
/zigman2/quotes/210488727/composite
US : U.S.: NYSE
$ 18.51
+0.21 +1.15%
Volume: 13.68M
Oct. 17, 2019 6:30p
P/E Ratio
12.17
Dividend Yield
3.89%
Market Cap
$16.03 billion
Rev. per Employee
$399,917
loading...
/zigman2/quotes/201854387/composite
US : U.S.: NYSE
$ 15.78
0.00 0.00%
Volume: 9.64M
Oct. 17, 2019 6:30p
P/E Ratio
4.81
Dividend Yield
9.57%
Market Cap
$4.87 billion
Rev. per Employee
$197,992
loading...
/zigman2/quotes/201110862/composite
US : U.S.: NYSE
$ 54.39
+0.46 +0.85%
Volume: 573,675
Oct. 17, 2019 6:30p
P/E Ratio
84.85
Dividend Yield
1.54%
Market Cap
$7.34 billion
Rev. per Employee
$446,340
loading...
/zigman2/quotes/205031829/composite
US : U.S.: NYSE
$ 11.55
-0.07 -0.60%
Volume: 9.81M
Oct. 17, 2019 6:30p
P/E Ratio
9.79
Dividend Yield
1.73%
Market Cap
$9.34 billion
Rev. per Employee
$2.46M
loading...
/zigman2/quotes/205323712/composite
US : U.S.: NYSE
$ 22.08
+0.09 +0.41%
Volume: 4.26M
Oct. 17, 2019 6:30p
P/E Ratio
63.09
Dividend Yield
3.26%
Market Cap
$14.27 billion
Rev. per Employee
$346,621
loading...
/zigman2/quotes/210598065/realtime
US : Dow Jones Global
27,025.88
+23.90 +0.09%
Volume: 225.06M
Oct. 17, 2019 5:02p
loading...
/zigman2/quotes/210598365/realtime
US : U.S.: Nasdaq
8,156.85
+32.67 +0.40%
Volume: 1.68M
Oct. 17, 2019 5:16p
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Mark DeCambre is MarketWatch's markets editor. He is based in New York. Follow him on Twitter @mdecambre.

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